FAAC pay-out to FG, states, councils declined to N1.032trn in February

The total amount disbursed to the three tiers of government by the Federation Account Allocation Committee (FAAC), declined 28 percent to N1.03 trillion in February 2023, from N1.032 trillion disbursed in the previous month.

According to a report released by the National Bureau of Statistics (NBS) on Tuesday, of the total amount which is the revenue generated in January 2023, the Federal Government received N285.24 billion while states and local governments received N248.98 billion and N183.23 billion respectively.

The amount disbursed comprised N653.70 billion from the statutory account, N115.00bn from non-oil excess account for the month, N13.80bn from electronic money transfer levy and N250.01billion from valued added tax (VAT).

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While the sum of N32.73 billion was shared among the oil-producing states from the 13 percent derivation fund, the revenue generating agencies – Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR), received N10.54billion, N18.14billion, and N5.37billion respectively as cost of revenue collections.

A further breakdown of revenue allocation distribution to the Federal Government of Nigeria showed that a total of N175.67 billion was disbursed to the FGN consolidated revenue account; N4.71billion was received as a share of derivation and ecology.

Also, N2.36 billion was disbursed as stabilisation fund; N7.92 billion for the development of natural resources; and N6.61 billion to the Federal Capital Territory (FCT) Abuja.