The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.26trn to the three tiers of government in August 2022 from the total revenue generated in July 2022. The amount disbursed comprised N1.07trn from the Statutory Account, and N190.26bn from Valued Added Tax (VAT). The Federal Government received a total of N406.61bn from the N1.26trn, States and Local Governments received a total of N281.34bn and N210.62bn respectively. The sum of N55.52bn 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 N10.43bn, N24.86bn, and N11.97bn 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 N267.21bn was disbursed to the FGN consolidated revenue account; N7.21bn was received as a share of derivation and ecology; N3.61bn as stabilization fund; N12.12bn for the development of natural resources; and N8.92bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics