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.
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
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.
The sum of N56.49 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 N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections.