• Thursday, November 30, 2023
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FAAC disbursement hit ₦1.134 trillion in June

Govt’s gross revenue dips 34% to N660bn in October

The Federation Account Allocation Committee (FAAC) disbursed a total sum of ₦1.134 trillion to the three tiers of government in June 2023, the National Bureau of Statistics report has revealed.

According to the report, the total amount disbursed, part of the total revenue generated in May 2023, represents an increase compared to N1.03 trillion shared in February, N860 billion in March, N872 billion in April, and N976 billion in May.

Read also: FAAC queries NNPC over $55m NLNG dividend

Of the total amount disbursed in June, the Federal government received ₦369.00 billion, state governments received ₦299.92 billion, and local governments received a total of ₦221.79 billion.

“The amount disbursed accumulated from, ₦701.79 billion recorded from the Statutory Account, ₦146.43 billion Exchange rate differential ₦14.97 billion generated from Electronic Money Transfer Levy (EMTL), ₦0.64 billion Exchange gain allocation and ₦270.20 billion generated from Valued Added Tax (VAT).

“The sum of ₦41.89 billion was shared among the oil-producing states from the 13% derivation fund,” it stated.

Also, the revenue-generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received ₦10.77
billion, ₦23.62 billion, and ₦3.85 billion respectively, as cost of revenue collections.

Read also: FAAC allocation to states up 20% in one year

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) shows that ₦252.48 billion was disbursed to the FGN consolidated revenue account; ₦6.25 billion was received as a share of derivation and ecology; ₦3.12 billion as stabilization fund;₦10.50 billion for the development of natural resources and; ₦8.81 billion to the Federal Capital Territory (FCT) Abuja.