FRI, 15 JULY, 2022-theGBJournal| Cumulatively, the Federation Account Allocation Committee (FAAC) disbursed the sum of N2.181 trillion to the three tiers of government between January and March 2022 from the total generated revenue during the period under review.
In March 2022, the National Bureau of Statistics (NBS) data shows that the amount disbursed comprised N457.03bn from the Statutory Account, N80.00bn from Non-oil Excess Account, N7.48bn as Excess Bank Charges, and N177.87bn from Valued Added Tax (VAT).
The data shows that the Federal Government received a total of N236.18bn from the N722.38bn, States and Local Governments received a total of N190.01bn and N140.61bn respectively.
The sum of N51.10bn 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 Department of Petroleum Resources (DPR) received N9.46bn, N10.03bn, and N4.50bn 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 N111.95bn was disbursed to the FGN consolidated revenue account; N4.01bn was received as a share of derivation and ecology; N2.01bn as stabilization fund; N6.74bn for the development of natural resources; and N5.60bn to the Federal Capital Territory (FCT) Abuja.
In February 2022, the sum of N692.86bn was disbursed to the three tiers of government in February 2022 from the total revenue generated in January 2022. The amount disbursed comprised N396.43bn from the Statutory Account, N100.00bn from Non-oil Excess Account, N5.20bn from Exchange Gain difference, and N191.22bn from Valued Added Tax (VAT).
The Federal Government received a total of N204.58bn from the N692.86bn, States and Local Governments received a total of N179.25bn and N131.88bn respectively.
The sum of N58.96bn 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 Department of Petroleum Resources (DPR) received N9.92bn, N10.91bn, and N4.59bn 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 N127.36bn was disbursed to the FGN consolidated revenue account; N3.38bn was received as a share of derivation and ecology; N1.69bn as stabilization fund; N5.67bn for the development of natural resources; and N5.04bn to the Federal Capital Territory (FCT) Abuja
And in January 2022, the sum of N766.47bn was disbursed to the three tiers of government from the total revenue generated in Decem[1]ber 2021. The amount disbursed comprised of N560.07bn from the Statutory Account, N5.15bn from Exchange Gain difference, and N201.26bn from Valued Added Tax (VAT). The Federal Government received a total of N279.46bn from the N766.47bn, States and Local Governments received a total of N221.19bn and N163.88bn respectively. The sum of N35.30bn 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 Department of Petroleum Resources (DPR) received N10.10bn, N13.47bn, and N6.43bn 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 N196.37bn was disbursed to the FGN consolidated revenue account; N4.77bn received as a share of derivation and ecology; N2.39bn as stabilization fund; N8.02bn for the development of natural resources; and N6.53bn to the Federal Capital Terri[1]tory (FCT) Abuja.
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