The Federation Account Allocation Committee (FAAC) disbursed the sum of N833.86 bn to the three tiers of government in May 2022 from the total revenue generated in April 2022. The amount disbursed comprised N626.15bn from the Statutory Account, N20bn from Non-Oil Excess Account, N8.89bn from Excess Bank Charges Recovered for the Month and N178.83bn from Valued Added Tax (VAT). The Federal Government received a total of N257.61bn from the N833.86bn, States and Local Governments received a total of N201.26bn and N149.25bn respectively. The sum of N48.49bn 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 N8.15bn, N11.33bn, and N10.13bn 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 N128.55bn was disbursed to the FGN consolidated revenue account; N4.42bn was received as a share of derivation and ecology; N2.21bn as stabilization fund; N7.42bn for the development of natural resources; and N6.01bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics