FAAC Disbursed N1.35trn To FG, States, LGCs In November 2023 -NBS

The latest report from the National Bureau of Statistics (NBS) shows that the Federation Account Allocation Committee (FAAC) disbursed the sum of N1.35 trillion to the three tiers of government in November 2023 from the total revenue generated in October 2023.

NBS said, the amount disbursed comprised: 09 billion recorded from the Statutory Account, 89 billion from Exchange Gain, 00 billion from Non-Oil Revenue, 20 billion from Electronic Money Transfer Levy (EMTL), and 34 billion from Value Added Tax.

The Bureau gave the break down of the allocations to the three tiers of government for November 2023 as follows: Federal Government with a total of N323.35 billion, States with a total of N307.72 billion, and Local Governments with a total of N225.21 billion.

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It said, the sum of N50.67 billion was shared among the oil-producing states from the 13% derivation fund.

While, it said, the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N16.38 billion, N24.59 billion, and N12.52 billion respectively, as cost of revenue collections.

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