The Federation Account Allocation Committee (FAAC) disbursed the sum of N957.09bn to the three tiers of government in November 2022 from the total revenue generated in October 2022. The amount disbursed comprised N622.27bn from the Statutory Account, N100.00bn from Non-oil distribution for the month of November 2022, N5.77bn from Exchange Gain for the month of November, and N229.04bn from Valued Added Tax (VAT). The Federal Government received a total of N293.95bn from the N957.09bn, States and Local Governments received a total of N239.51bn and N177.09bn respectively.
The sum of N26.23bn 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 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N12.03bn, N16.82bn, and N4.71bn 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 N164.36bn was disbursed to the FGN consolidated revenue account; N4.97bn was received as a share of derivation and ecology; N2.49bn as stabilization fund; N8.35bn for the development of natural resources; and N7.04bn to the Federal Capital Territory (FCT) Abuja. .
Data source: National Bureau of Statistics