The Federation Account Allocation Committee (FAAC) disbursed the sum of N692.86bn to the three tiers of government in February 2022 from the total revenue generated in January 2022. The amount disbursed comprised N396.43bn from the Statutory Account, N100.00bn from Non-oil Excess Account, N5.20bn from Exchange Gain difference, and N191.22bn from Valued Added Tax (VAT).
The Federal Government received a total of N204.58bn from the N692.86bn, States and Local Governments received a total of N179.25bn and N131.88bn respectively.
The sum of N58.96bn 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 N9.92bn, N10.91bn, and N4.59bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N127.36bn was disbursed to the FGN consolidated revenue account; N3.38bn was received as a share of derivation and ecology; N1.69bn as stabilization fund; N5.67bn for the development of natural resources; and N5.04bn to the Federal Capital Territory (FCT) Abuj
Data source: National Bureau of Statistics