FAAC distributes N1.80trn to FG, States, LGs in August 2023

In August 2023, the Federation Account Allocation Committee (FAAC) distributed a total of N1.80 trillion to the three tiers of government.

This amount was derived from the revenue generated in July 2023. However, it represented a slight decrease compared to the N1.89 trillion disbursed in the previous month, as reported by the National Bureau of Statistics.

The breakdown of the disbursed amount included N1.15 trillion from the Statutory Account, N56.31 billion from the Exchange Rate Differential, N283.91 billion from Exchange Gain, N13.37 billion from the Electronic Money Transfer Levy, and N298.79 billion from the Value Added Tax.

Of the total amount disbursed, the federal government received a total of N391.93 billion, state governments received N319.52 billion, and local governments received N236.23 billion.

Meanwhile, in the month of July, the federal government received a total of N345.56 billion, state governments received a total of N295.95 billion, and local governments received a total of N218.06 billion.

Further breakdown of the report indicates that the sum of N56.49 billion was shared among the oil-producing states from the 13 percent derivation fund as compared to N47.48 billion shared in July.

Also the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections in the period.

The report showed that 18.16 billion was spent as 13 percent refund in subsidy priority projects, North East Development Commission received N8.40 billion, while transfer to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was N13.72 billion.