FAAC Disbursed N1.03trn To FG, States, LGCs In February – NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.03trn to the three tiers of government in February 2023 from the total revenue generated in January 2023, according to the latest report from the National Bureau of Statistics (NBS).

NBS said, the amount disbursed comprised N653.70bn from the Statutory Account, N115.00bn from Non-Oil Excess Account for the month, N13.80bn from Electronic Money Transfer Levy (EMTL) and N250.01bn from Valued Added Tax (VAT).

The Bureau said, the Federal Government received a total of N285.24bn from the N1.03trn, while States and Local Governments received a total of N248.98bn and N183.23bn respectively.

It said, the sum of N32.73bn 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 N10.54bn, N18.14bn, and N5.37bn respectively as cost of revenue collections.

NBS said, further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N175.67bn was disbursed to the FGN consolidated revenue account; N4.71bn was received as a share of derivation and ecology; N2.36bn as stabilization fund; N7.92bn for the development of natural resources; and N6.61bn to the Federal Capital Territory (FCT) Abuja.

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