MON, NOV 06 2023-theGBJournal|Delta State grossed the highest share of revenue allocation to State Governments by the Federation Account Allocation Committee (FAAC) for the month of July and August respectively, taking a total N64,834,921,579.99 billion, according to latest FAAC data published by the National Bureau of Statistics (NBS).
From the amount shared in July 2023, the State received a total N38, 432, 768, 026.16 billion of which N55,417, 797.08 is from share of Ecology.
In August, its share of Ecology rose significantly to N63.898 million while its total share of revenue from FAAC however, fell to N26.402 billion.
Rivers State, the second highest recipient for both months received a N28, 606, 540,916.13 billion in July while in August its total receipts stood at N24, 455, 185, 647.58 billion.
Lagos State, the Nigeria’s largest economy received a total of N16.7 billion and N14.4 billion in July and August respectively.
Similarly, Kano State highest recipient among the Northern States in the country got N10.9 billion and N11.973 billion for the month of July and August respectively.
According to the data, FAAC disbursed the sum of N1.80 trillion to the three tiers of government in August 2023 from the total revenue generated in July 2023 while the sum of N1.80 trillion was disbursed in August 2023 from the total revenue generated in July 2023.
The amount disbursed in July comprised, N1.11 trillion recorded from the Statutory Account, N469.39 billion from Exchange Gain Allocation, N11.91 billion from Electronic Money Transfer Levy (EMTL), and N293.41 billion from Value Added Tax.
The Federal Government with a total of N345.56 billion headed allocations to the three tiers of government for July 2023 while States governments received a total of N295.95 billion, and Local Governments received a total of N218.06 billion. The sum of N47.48 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 N9.56 billion, N55.13 billion, and N8.54 billion respectively, as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that N231.47 billion was disbursed to the FGN consolidated revenue account, N5.75 billion was received as a share of derivation and ecology, N2.87 billion as stabilization fund, N9.66 billion for the development of natural resources, and N8.50 billion to the Federal Capital Territory (FCT)- Abuja.
In August, The amount disbursed comprised N1.15 trillion recorded from the Statutory Account, N56.31 billion Exchange Rate Differential, N283.91 billion from Exchange Gain, N13.37 billion from Electronic Money Transfer Levy, and N298.79 billion from Value Added Tax.
The allocations to the three tiers of government for August 2023 were: Federal Government with a total of N391.93 billion, States with a total of N319.52 billion, and Local Governments with a total of N236.23 billion.
N56.49 billion was shared among the oil-producing states from the 13% derivation
fund while revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections.
Breakdown of revenue allocation distribution to the Federal Government of Nigeria, shows that N273.96 billion was disbursed to the FGN consolidated revenue account, N6.63 billion was received as a share of derivation and ecology, N3.31 billion as stabilization fund, N11.14 billion for the development of natural resources, and N9.38 billion went to the Federal Capital Territory (FCT)- Abuja.
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