Federation Account Allocation Committee (FAAC) (December 2022 Disbursement)

Executive Summary

The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.18trn to the three tiers of government in December 2022 from the total revenue generated in November 2022. The amount disbursed comprised N938.62bn from the Statutory Account, N7.16bn from Exchange Gain for the month of December, N11.43bn from Electronic Money Transfer Levy (EMTL), and N217.83bn from Valued Added Tax (VAT). The Federal Government received a total of N358.51bn from the N1.18trn, States and Local Governments received a total of N272.48bn and N202.49bn respectively. The sum of N68.57bn 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 N10.88bn, N16.64bn, and N13.64bn 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 N223.26bn was disbursed to the FGN consolidated revenue account; N6.20bn was received as a share of derivation and ecology; N3.10bn as stabilization fund; N10.41bn for the development of natural resources; and N8.27bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics