TUE, JAN 30 2024-theGBJournal| The Federation Account Allocation Committee (FAAC) released N1.62 trillion to the three tiers of government in December 2023 from the total revenue generated in November 2023, according to latest data published by the National Bureau of Statistics (NBS).
From the total, N402.87 billion was disbursed to the Federal Government. States Government received a total of N351.70 billion while the country’s Local Governments received a total of N258.81 billion.
Similarly, N75.41 billion was shared among the oil-producing states from the 13% derivation fund while the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received a total of 15.73 billion, N30.19 billion, and N14.54 billion respectively, as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that N275.09 billion was disbursed to the FGN consolidated revenue account, N6.66 billion was received as a share of derivation and ecology, N3.33 billion as stabilization fund, N11.18 billion for the development of natural resources, and N10.04 billion to the Federal Capital Territory (FCT)- Abuja.
Meanwhile, the amount disbursed comprised N882.56 billion recorded from the Statutory Account, N364.87 billion from Exchange Gain, N12.45 billion from Electronic Money Transfer Levy (EMTL), and N360.46 billion from Value Added Tax.
Delta State received the highest share from States allocation with a total of N34,762,887,055.12, Rivers State follows closely with N27,294,923,216/07.
Akwa Ibom total receipt stood at N23,446,154.006.18, Bayelsa at N20, 735,273,276.59, Lagos State got N20,160,163,264.42 while Kano State got N13,315,715,682.79, the highest receipt among the Northern States.
The FAAC data is provided statutorily by the Office of the Accountant General of the Federation (OAGF), and reported by the National Bureau of Statistics.
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