In November 2023, Nigeria’s key revenue-generating agencies, namely the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission, jointly received a total of N53.5 billion as part of the cost of revenue collection.
According to data released by the National Bureau of Statistics, the Federation Account Allocation Committee disbursed a substantial sum of N1.35 trillion to the three tiers of government during November 2023.
This disbursement was derived from the total revenue generated in October 2023.
Breaking down the allocation to the various tiers of government, the Federal Government received a significant share, totaling N323.35 billion.
Simultaneously, the 36 states, including the Federal Capital Territory, shared N307.72 billion, averaging about N8.32 billion per state.
Furthermore, the 774 local governments across the country collectively shared N225.21 billion, translating to an average allocation of N291 million for each local government.
The disbursement comprised funds from different revenue streams, highlighting the diverse sources contributing to the nation’s financial pool.
Specifically, N660.09 billion originated from the Statutory Account, N262.89 billion from Exchange Gain, N60.00 billion from Non-Oil Revenue, N16.20 billion from the Electronic Money Transfer Levy, and N347.34 billion from Value Added Tax.
In addition to these allocations, the nine oil-producing states received N50.67 billion from the 13 percent derivation fund in November.
These states, including Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers, collectively shared N544.9 billion from the federation account through the 13 percent derivation formula during the first six months of the year, as reported by the National Bureau of Statistics.
