The latest report by the National Bureau of Statistics (NBS) indicated that the Federation Account Allocation Committee (FAAC) disbursed the sum of N2.33 trillion to the three tiers of government in March 2024 from the total revenue generated in February 2024.
According to NBS, the amount disbursed comprised the the N1.19 trillion recorded from the Statutory Account, N657.44 billion from Exchange Gain, N15.79 billion from Electronic Money Transfer Levey (EMTL), and N460.49 billion from Valued Added Tax (VAT).
The Bureau said, the allocations to the three tiers of government for March 2024 were: Federal Government with a total of N352.41 billion, State Governments with a total of N366.95 billion, and Local Governments with a total of N267.15 billion.
NBS noted that the sum of 166.24 billion was shared among the oil-producing states from the 13 percent derivation Fund.
It however, stated that the revenue generating agencies comprising Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS) received the sum of N20.04 billion, and N25.91 billion respectively, as cost of revenue collections.
