The Federation Account Allocation Committee (FAAC) disbursed the sum of N860.04 billion to the three tiers of government in March 2023 from the total revenue generated in February 2023. The amount disbursed comprised N487.11bn from the Statutory Account, N120.00bn from Forex Equalization, N12.13bn from Electronic Money Transfer Levy (EMTL) and N240.80bn from Valued Added Tax (VAT). The Federal Government received a total of N269.06bn from the N860.04bn, States and Local Governments received a total of N236.46bn and N173.94bn respectively. The sum of N43.21bn 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 N9.03bn, N13.81bn, and N4.61bn respectively as cost of revenue collections.
Data source: National Bureau of Statistics