Federation Account Allocation Committee (FAAC) (August 2023 Disbursement)

Key Highlights

  1. The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.80 trillion to the three tiers of government in August 2023 from the total revenue generated in July 2023.
  2. The amount disbursed comprised:
  • N1.15 trillion recorded from the Statutory Account,
  • N56.31 billion Exchange Rate Differential,
  • N283.91 billion from Exchange Gain,
  • N13.37 billion from Electronic Money Transfer Levy, and
  • N298.79 billion from Value Added Tax
  1. The allocations to the three tiers of government for August 2023 were:
  • Federal Government with a total of N391.93 billion
  • States with a total of N319.52 billion, and
  • Local Governments with a total of N236.23 billion.
  1. The sum of N56.49 billion was shared among the oil-producing states from the 13% derivation fund.
  2. The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections.

Data source: National Bureau of Statistics