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FAAC disburse N1.62trn to FG, States, LGs in December 2023-NBS

Tinubu proposes N2tn recapitalisation of Discos, tariff review

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, the National Bureau of Statistics report has shown.

The total amount disbursed represents an increase of over N200 billion, compared to N1.35 trillion disbursed in November 2023.

According to the report which was released on Monday, the amount disbursed comprised: N882.56 billion 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.

Of the total amount disbursed, the
Federal Government received a total of N402.87 billion, States received N351.70 billion, and Local Governments received N258.81 billion.

Also, the sum of N75.41 billion was shared among the oil-producing states from the 13 percent derivation fund.

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.