The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.19 trillion to the three tiers of government; Federal, States and Governments in May 2024, from the total revenue generated in April 2024.
According to the May 2024 FAAC Disbursement Report released by the National Bureau of Statistics (NBS) on Monday, the amount disbursed comprised: N1.23 trillion recorded from the Statutory Account,
N438.88 billion from Exchange Gain, N18.77 billion from Electronic Money Transfer Levy (EMTL), and N500.92 billion from Value Added Tax.
NBS said, the allocations to the three tiers of government for May 2024 were: Federal Government with a total of N390.41 billion States with a total of N493.40 billion, and Local Governments with a total of N293.82 billion.
It, however, revealed that the sum of N120.45 billion was shared among the oil-producing states from the 13% derivation fund.
The Bureau said, the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N22.53 billion, N32.83 billion, and N25.15 billion respectively, as cost of revenue collections.
