The Federation Account Allocation Committee (FAAC) disbursed the sum of N904.45bn to the three tiers of government in June 2022 from the total revenue generated in May 2022. The amount disbursed comprised N589.95bn from the Statutory Account, N101.32bn from the Electronic Money Transfer Levy, and N213.18bn from Valued Added Tax (VAT). The Federal Government received a total of N229.56bn from the N904.45bn, and States and Local Governments received a total of N241.82bn and N175.94bn respectively. The sum of N33.45bn 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 N11.90bn, N17.74bn, and N7.35bn 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 N105.33bn was disbursed to the FGN consolidated revenue account; N3.52bn was received as a share of derivation and ecology; N1.76bn as stabilization fund; N5.91bn for the development of natural resources; and N6.40bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics