The Federation Account Allocation Committee (FAAC) disbursed the sum of N905.53bn to the three tiers of government in September 2022 from the total revenue generated in August 2022. The amount disbursed comprised N654.36bn from the Statutory Account, N20.00bn distribution for the month of September 2022, and N231.17bn from Valued Added Tax (VAT).
The Federal Government received a total of N259.64bn from the N905.53bn, States and Local Governments received a total of N222.95bn and N164.25bn respectively. The sum of N26.30bn 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 N13.33bn, N16.65bn, and N5.50bn 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 N132.72bn was disbursed to the FGN consolidated revenue account; N4.32bn was received as a share of derivation and ecology; N2.16bn as stabilization fund; N7.25bn for the development of natural resources; and N6.40bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics