FAAC Disbursed N1.62trn To FG, States, LGCs In Dec 2023 – NBS


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The latest report of the National Bureau of Statistics (NBS) shows that the Federation Account Allocation Committee (FAAC) disbursed the sum of N1.62 trillion to the three tiers of government in December 2023 from the total revenue generated in November 2023.

NBS said, the amount disbursed comprised: N882.56 billion recorded from the Statutory Account, N364.87 billion from Exchange Gain, N12.45 billion from Electronic Money Transfer Levy (EMTL), and N360.46 billion from Value Added Tax.

According to the bureau, the allocations to the three tiers of government for December 2023 were: Federal Government with a total of N402.87 billion States with a total of N351.70 billion, and Local Governments with a total of N258.81 billion.

It said, the sum of N75.41 billion was shared among the oil-producing states from the 13% derivation fund.

The report said, the revenue-generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.73 billion, N30.19 billion, and N14.54 billion respectively, as cost of revenue collections.


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