The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.48 trillion to the three tiers of government in September 2023 from the total revenue generated in August 2023.
The amount disbursed comprised:
N714.84 billion recorded from the Statutory Account,
N177.09 billion from Non-oil revenue,
N231.55 billion from Exchange Gain,
N14.69 billion from Electronic Money Transfer Levy, and
N345.73 billion from Value Added Tax
The allocations to the three tiers of government for September 2023 were:
Federal Government with a total of N431.25 billion
States with a total of N361.19 billion, and
Local Governments with a total of N266.54 billion.
The sum of N41.13 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 Department of Petroleum Resources (DPR) received N17.51 billion, N35.33 billion, and N5.91 billion respectively, as cost of revenue collections