The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.67 trillion to the three tiers of government in January 2024 from the total revenue generated in December 2023.
The amount disbursed comprised:
N875.38 billion recorded from the Statutory Account,
N287.74 billion from Exchange Gain,
N18.60 billion from Electronic Money Transfer Levy (EMTL), and
N492.51 billion from Value Added Tax.
The allocations to the three tiers of government for December 2023 were:
Federal Government with a total of N383.87 billion
States with a total of N396.69 billion, and
Local Governments with a total of N288.93 billion.
The sum of N57.92 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 N16.07 billion, N36.09 billion, and N9.35 billion respectively, as cost of revenue collections.
National Bureau of Statistics.
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