Economy

FAAC disburses N1.35 trn to federal , states, LGAs in November 2023

By Daudu John

January 15, 2024

FAAC disburses N1.35 trn to federal , states, LGAs in November 2023

The Federation Account Allocation Committee distributed a total of N1.35 trillion to the three tiers of the Nigerian government in November 2023, derived from the revenue generated in October 2023, according to the latest data from the National Bureau of Statistics.

This disbursement, a critical facet of the nation’s financial landscape, reflects the diverse sources contributing to the robust fiscal framework.

The highest contributions to the disbursed amount include N509 billion from the Statutory Account, N289 billion from exchange rate gain, N300 billion from Non-Oil Revenue, N120 billion from the Electronic Money Transfer Levy and N134 billion from Value Added Tax.

These contributions signify the multifaceted nature of revenue streams contributing to the government’s coffers.

The allocations for November 2023 were apportioned as follows: the Federal Government received a total of N323.35 billion, the States secured N307.72 billion, and the Local Governments obtained N225.21 billion.

Additionally, N50.67 billion was shared among oil-producing states as part of the 13 percent derivation fund.

Further, revenue-generating agencies played a pivotal role in this financial distribution, with the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission receiving N16.38 billion, N24.59 billion, and N12.52 billion, respectively, as cost of revenue collections.

This robust disbursement underscores the resilience and diversity of Nigeria’s revenue streams, with the FAAC ensuring equitable distribution to various tiers of government and relevant agencies.

As the nation navigates its fiscal landscape, such financial dynamics contribute to sustaining essential services and fostering economic stability.