The Federation Account Allocation Committee (FAAC) disbursed the sum of N843.81bn to the three tiers of government in December 2021 from the total revenue generated in November 2021. The amount disbursed comprised of N643.04bn from the Statutory Account, N4.16bn from Exchange Gain difference, 0.44 from Excess Bank Charges Recovered and N196.18n from Valued Added Tax (VAT). The Federal Government received a total of N261.41bn from the N843.81bn, States and Local Governments received a total of N210.05bn and N155.46bn respectively.
The sum of N49.00bn 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 N10.76bn, N11.74bn, and N8.45bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N212.39bn was disbursed to the FGN consolidated revenue account; N4.38bn received as a share of derivation and ecology; N2.19bn as stabilization fund; N7.36bn for the development of natural resources; and N4.38bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics