Federation Account Allocation Committee (FAAC) (May 2024 Disbursement)

Key Highlights

1. The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦2.19 trillion to the three tiers of government in May 2024 from the total revenue generated in April 2024.
2. The amount disbursed comprised:
• N1.23 trillion recorded from the Statutory Account,
• N438.88 billion from Exchange Gain,
• N18.77 billion from Electronic Money Transfer Levy (EMTL), and
• N500.92 billion from Value Added Tax.
3. The allocations to the three tiers of government for May 2024 were:
• Federal Government with a total of N390.41 billion
• States with a total of N493.40 billion, and
• Local Governments with a total of N293.82 billion.
4. The sum of N120.45 billion was shared among the oil-producing states from the 13% derivation fund.
5. The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N22.53 billion, N32.83 billion, and N25.15 billion respectively, as cost of revenue collections. 

Data source: National Bureau of Statistics