FAAC: FG, States, LGs Share N1.62 Trillion in December 2023

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

Latest report by the National Bureau of Statistics (NBS) showed that the amount disbursed comprised N882.56 billion recorded 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.

Meanwhile, the allocations to the three tiers of government for December 2023 include N402.87 billion for the federal government, N351.70 billion for states and the federal capital territory while the 774 local governments of the federation received N258.81 billion

The sum of N75.41 billion was also shared among the oil-producing states from the 13% 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.