The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.15trillion to the three tiers of government in April 2022 from the total revenue generated in March 2022. The amount disbursed comprised N933.30bn from the Statutory Account, and N219.50bn from Valued Added Tax (VAT). The Federal Government received a total of N277.10bn from the N1.15trillion, States and Local Governments received a total of N227.20bn and N167.91bn respectively. The sum of N81.93bn 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 N10.78bn, N22.47bn, and N11.06bn 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 N149.70bn was disbursed to the FGN consolidated revenue account; N4.68bn was received as a share of derivation and ecology; N2.34bn as stabilization fund; N7.86bn for the development of natural resources; and N6.65bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics