13% Derivation: Oil-producing States Shared N56.49bn In August -NBS

The latest report from the National Bureau of Statistics (NBS) shows that the oil-producing states in Nigeria shared a total of N56.49 billion in August 2023, from from the 13% derivation fund.

NBS also said that the Federation Account Allocation Committee (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.

The Bureau said, 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.

- Advertisement -

It said, 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.

The revenue-generating agencies, according to NBS were; 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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button