FAAC disburses N2.32tr to three-tier govt in June 2024

The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.32 trillion to the three tiers of government in June 2024 from the total revenue generated in May 2024, the National Bureau of Statistics (NBS) disclosed.

NBS made the announcement in a statement on Monday.

The agency said the amount disbursed comprised N1,223.89bn from the Statutory Account, N587.46bn from Exchange Gain for the month of May, N15.78bn from Electronic Money Transfer Levy (EMTL), and N497.66bn from Valued Added Tax (VAT).

NBS stated that the Federal Government received a total of N365.81bn from the N2,324.79trn, and the states and Local Governments received a total of N388.42bn and N282.48bn, respectively.

It also added that the sum of N106.50 billion was shared among the oil-producing states from the 13% derivation fund.

NBS noted that the revenue-generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Development Petroleum Regulatory Commission (NUPRC) received N20.85bn, N36.33bn, and N19.46bn, respectively, as costs 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 a stabilisation fund; N9.38bn for the development of natural resources; and N10.12bn to the Federal Capital Territory (FCT) Abuja.” NBS added.