The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.22trn to the three tiers of government in July 2022 from the total revenue generated in June 2022. The amount disbursed comprised N1.01trn from the Statutory Account, and N208.15bn from Valued Added Tax (VAT). The Federal Government received a total of N321.86bn from the N1.22trn, States and Local Governments received a total of N245.42bn and N182.33bn respectively. The sum of N52.80bn 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 N11.46bn, N25.51bn, and N7.64bn 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 N189.62bn was disbursed to the FGN consolidated revenue account; N5.56bn was received as a share of derivation and ecology; N2.78bn as stabilization fund; N9.34bn for the development of natural resources; and N7.43bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics