How FAAC Shared N1.35 Trillion Among Federal, State, and Local Governments in November 2023

The National Bureau of Statistics (NBS) has released the details of how the Federation Account Allocation Committee (FAAC) distributed N1.35 trillion among the three tiers of government in November 2023.

The FAAC is a body that oversees the sharing of revenue from the federation account among the federal, state, and local governments.

According to the NBS, the revenue-generating agencies in the country, namely the Nigeria Customs Service (NCS), the Federal Inland Revenue Service (FIRS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), received N53.5 billion as the cost of revenue collection for the month.

The NBS also revealed that the federal government got N323.35 billion, representing 24 per cent of the total allocation. The 36 states and the Federal Capital Territory (FCT) shared N307.72 billion, representing 23 per cent of the total allocation. The average amount received by each state was N8.32 billion.

The 774 local governments in the country got N225.21 billion, representing 17 per cent of the total allocation. The average amount received by each local government was N291 million.

The NBS further disclosed that the sources of the revenue for the month included N660.09 billion from the Statutory Account, N262.89 billion from Exchange Gain, N60 billion from Non-Oil Revenue, N16.2 billion from Electronic Money Transfer Levy, and N347.34 billion from Value Added Tax (VAT).

The NBS also stated that the nine oil-producing states in the country received N50.67 billion as the 13 per cent derivation fund for the month. The oil-producing states are Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers. The NBS said that these states had received N544.9 billion from the federation account through the 13 per cent derivation formula in the first six months of the year.

Related Articles

Back to top button