The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.23bn to the three tiers of government in September 2021 from the revenue generated in August 2021. The amount disbursed comprised of N537.52bn from the Statutory Account, N178.48bn from Valued Added Tax (VAT), N50.00bn from Non-Oil Excess Account, N0.40bn from Excess Bank Charges and N2.83bn from Exchange Gain difference. The Federal Government received a total of N289.56bn from the N769.23bn while States received a total of N217.18bn and Local Governments received N161.54bn. The sum of N28.98bn was shared among the oil producing states from the 13% derivation fund.
The Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N11.50bn, N12.69bn and N5.05bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N205.35bn was disbursed to the FGN consolidated revenue account; N5.02bn shared as share of derivation and ecology; N2.51bn as stabilization fund; N8.43bn for the development of natural resources; and N6.57bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics