FAAC Disbursed N1.59trn To FG, States, LGCs In October -NBS

The latest report by the National Bureau of Statistics (NBS) showed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N1.59 trillion to the three tiers of government in October 2023 from the total revenue generated in September 2023.

NBS said, the amount disbursed comprised: N1.01 trillion recorded from the Statutory Account, N264.81 billion from Exchange Gain, N11.45 billion from Electronic Money Transfer Levy (EMTL), and N303.55 billion from Value Added Tax.

It said, the allocations to the three tiers of government for October 2023 were: Federal Government with a total of N320.54 billion States with a total of N287.07 billion, and Local Governments with a total of N210.90 billion.

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According to the Bureau, the sum of N84.97 billion was shared among the oil-producing states from the 13% derivation fund.

It said, the revenue-generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N13.28 billion, N28.09 billion, and N13.05 billion respectively, as cost of revenue collections.

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