…The sum of N106.50 billion was shared among the oil producing states from the 13% derivation fund.
…A total net amount of N232.82 billion was disbursed to the FGN consolidated revenue account;
…N5.58 billion was received as a share of derivation and ecology; N2.79 billion as stabilization fund
…A breakdown of states receipts shows that Delta State received the lion share of the allocation with a total of N43.779 billion, followed by Rivers State with N32.493 billion
FRI JULY 26 2024-theGBJournal| 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, according to latest National Bureau of Statistics data.
The data shows that the amount disbursed comprised N1,223.89 billion 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).
The Federal Government received a total of N365.81 billion from the N2,324.79 trillion, States and Local Governments received a total of N388.42bn and N282.48 billion respectively.
The sum of N106.50 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 Development Petroleum Regulatory Commission (NUPRC) received N20.85 billion, N36.33 billion, and N19.46 billion 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 N232.82 billion was disbursed to the FGN consolidated revenue account; N5.58 billion was received as a share of derivation and ecology; N2.79 billion as stabilization fund; N9.38 billion for the development of natural resources; and N10.12 billion to the Federal Capital Territory (FCT) Abuja.
A breakdown of states receipts shows that Delta State received the lion share of the allocation with a total of N43.779 billion, followed by Rivers State with N32.493 billion. Lagos State received N26.593 billion in the period under review. Kano State allocation stood at N14.341 billion while Edo State got N11.106 billion.
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