The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.68trn to the three tiers of government in July 2024 from the total revenue generated in June 2024. The amount dis bursed comprised N1,432..67bn from the Statutory Account, N472.19bn from Ex change Gain for the month of May, N16.35bn from Electronic Money Transfer Levy (EMTL), N200.00bn from Non Oil Excess Account and N562.69bn from Valued Added Tax (VAT). The Federal Government re ceived a total of N459.78bn from the N2.68trn, States and Local Governments received a total of N461.98bn and N337.02bn respectively. The sum of N95.60bn was shared among the oil-producing states (13% derivation fund).

The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Development Petroleum Regulatory Commission (NUPRC) received N20.87bn, N55.13bn, and N16.10bn 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 N319.49bn was disbursed to the FGN consolidated reve nue account; N7.19bn was received as a share of derivation and ecology; N3.60bn as stabilization fund; N12.08bn for the development of natural resources; and N12.34bn to the Federal Capital Territory (FCT) Abuja.

Data source: National Bureau of Statistics

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