The Federation Account Allocation Committee (FAAC) disbursed the sum of N727.37bn to the three tiers of government in November 2021 from the total revenue generated in October 2021. The amount disbursed comprised of N407.86bn from the Statutory Account, N150.00b from Non-Oil Excess Account, N3.22bn from Exchange Gain difference, and N166.28n from Valued Added Tax (VAT). The Federal Government received a total of N284.29bn from the N727.37bn, States and Local Governments received a total of N209.84bn and N156.28bn respectively.
The sum of N21.50bn was shared among the oil-producing states from the 13% derivation fund. The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N10.14bn, N10.18bn, and N4.27bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N200.76bn was disbursed to the FGN consolidated revenue account; N4.96bn shared as a share of derivation and ecology; N2.48bn as stabilization fund; N8.33bn for the development of natural resources; and N6.39bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics