The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.32trn to the three tiers of government in June 2024 from the total revenue generated in May 2024. The amount disbursed comprised N1,223.89bn from the Statutory Account, N587.46bn from Ex change Gain for the month of May, N15.78bn from Electronic Money Transfer Levy (EMTL), and N497.66bn from Valued Added Tax (VAT). The Federal Government received a total of N365.81bn from the N2,324.79trn, States and Local Governments received a total of N388.42bn and N282.48bn respectively.

The sum of N106.50bn was shared among the oil producing states from the 13% derivation fund. The revenue generating agencies compris ing Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Up stream Development Petroleum Regulatory Commission (NUPRC) received N20.85bn, N36.33bn, and N19.46bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N232.82bn was disbursed to the FGN consolidated revenue account; N5.58bn was received as a share of derivation and ecology; N2.79bn as stabilization fund; N9.38bn for the development of natural resources; and N10.12bn to the Federal Capital Ter ritory (FCT) Abuja.

Data source: National Bureau of Statistics

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