NBS releases details of FAAC revenue sharing for January
The Federation Account Allocation Committee (FAAC) disbursed the sum of N766.47bn to the three tiers of government in January 2022
The Federation Account Allocation Committee (FAAC) disbursed the sum of N766.47bn to the three tiers of government in January 2022 from the total revenue generated in December 2021.
The amount disbursed comprised of N560.07bn from the Statutory Account, N5.15bn from Exchange Gain difference, and N201.26bn from Valued Added Tax (VAT). The Federal Government received a total of N279.46bn from the N766.47bn, States and Local Governments received a total of N221.19bn and N163.88bn respectively. The sum of N35.30bn was shared among the oil-producing states from the 13% derivation fund.
According to the National Bureau of Statistics (NBS), the Revenue generating agencies of the Federal Government received the sum of N30billion as cost of revenue collection during the period. The agencies, comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) got N10.10bn, N13.47bn, and N6.43bn, respectively.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N196.37bn was disbursed to the FGN consolidated revenue account; N4.77bn received as a share of derivation and ecology; N2.39bn as stabilization fund; N8.02bn for the development of natural resources; and N6.53bn to the Federal Capital Territory (FCT) Abuja.