The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.44trn to the three tiers of government in January 2023 from the total revenue generated in December 2022. The amount disbursed comprised N1.14trn from the Statutory Account, N24.84bn from Exchange Gain for the month, N25.33bn from Electronic Money Transfer Levy (EMTL) and N250.51bn from Valued Added Tax (VAT). The Federal Government received a total of N375.31bn from the N1.44trn, States and Local Governments received a total of N299.56bn and N221.81bn respectively.
The sum of N93.52bn 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 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N9.99bn, N19.66bn, and N12.91bn 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 N340.26bn was disbursed to the FGN consolidated revenue account; N6.39bn was received as a share of derivation and ecology; N3.20bn as stabilization fund; N10.74bn for the development of natural resources; and N8.84bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics