The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.89 trillion to the three tiers of government in July 2023 from the total revenue generated in June 2023.
The amount disbursed comprised:
11 trillion recorded from the Statutory Account,
39 billion from Exchange Gain Allocation,
91 billion from Electronic Money Transfer Levy (EMTL), and
41 billion from Value Added Tax
The allocations to the three tiers of government for July 2023 were:
Federal Government with a total of N345.56 billion
States with a total of N295.95 billion, and
Local Governments with a total of N218.06 billion.
The sum of N47.48 billion 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 N9.56 billion, N55.13 billion, and N8.54 billion respectively, as cost of revenue collections.