The Federation Account Allocation Committee (FAAC) disbursed the sum of N866.24bn to the three tiers of government in October 2021 from the revenue generated in September 2021. The amount disbursed comprised of N692.28bn from the Statutory Account, N3.10bn from Exchange Gain difference, and N170.85n from Valued Added Tax (VAT). The Federal Government received a total of N301.31bn from the N866.24.22bn while States received a total of N220.27bn and Local governments received N164.18bn.
The sum of N54.21bn 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 N9.25bn, N11.99bn, and N6.49bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N216.43bn was disbursed to the FGN consolidated revenue account; N5.27bn disbursed as a share of derivation and ecology; N2.63bn as stabilization fund; N8.84bn for the development of natural resources; and N6.75bn to the Federal Capital Territory (FCT) Abuja
Data source: National Bureau of Statistics