The Federation Account Allocation Committee (FAAC) disbursed the sum of N722.38bn to the three tiers of government in March 2022 from the total revenue generated in February 2022. The amount disbursed comprised N457.03bn from the Statutory Account, N80.00bn from Non-oil Excess Account, N7.48bn as Excess Bank Charges, and N177.87bn from Valued Added Tax (VAT). The Federal Government received a total of N236.18bn from the N722.38bn, States and Local Governments received a total of N190.01bn and N140.61bn respectively.
The sum of N51.10bn 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 N9.46bn, N10.03bn, and N4.50bn 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 N111.95bn was disbursed to the FGN consolidated revenue account; N4.01bn was received as a share of derivation and ecology; N2.01bn as stabilization fund; N6.74bn for the development of natural resources; and N5.60bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics