FAAC Disbursed N2.437 Trillion to the 3 Tiers of Govt. in Q4 2022

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CEM REPORT | The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.437 trillion to the Federal, States and Local Governments in the third quarter of 2021 from the total revenue generated in the quarter.

According to the data released by the Nigerian Bureau of Statistics, the revenue was generated from the different sources which include Statutory Account (SA), Non-Oil Excess Account (NOEA), Exchange Gain difference (EGD), Excess Bank Charges Recovered (EBCR) and Valued Added Tax (VAT)

SA contributed N1.743 trillion, NOEA contributed 150.0b while EGD contributed 10.48billion. The sum of 533.31bn came from VAT.

The Federal Government received a total of N847.01 billion from the total N2.437 trillion representing 34.755%. States and Local Governments received N640.16 billion representing 26.268% and N475.92 billion representing 19.529% respectively.

According to the NBS data, the sum of N124.71 billion was shared among the oil-producing states from the 13% derivation fund in the last quarter of 2021.

The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received 30.15bn, N33.91bn, and N19.21bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) in the last quarter revealed that the sum of N629.58bn was to the FGN consolidated revenue account; N14.61bn received as a share of derivation and ecology; N7.3bn as stabilization fund; N24.53bn for the development of natural resources; and N17.52bn to the Federal Capital Territory (FCT) Abuja.

Monthly breakdown

In October 2021, the sum of N866.24bn was shared to the three tiers of government from where FGN recieved N301.31bn, States received N220.27bn while Local governments received N164.18bn. The amount disbursed comprised of N692.28bn from the Statutory Account, N3.10bn from Exchange Gain difference, and N170.85n from Valued Added Tax (VAT).

There was no revenue from Non-Oil Excess Account according to the report by NBS.

The sum of N54.21bn was shared among the oil-producing states from the 13% derivation fund. NCS, FIRS, and DPR received N9.25bn, N11.99bn, and N6.49bn respectively as cost of revenue collections.

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Making up FGN allocation are the sum of N216.43bn to FGN consolidated revenue account; N5.27bn as a share of derivation and ecology; N2.63bn as stabilization fund; N8.84bn for the development of natural resources; and N6.75bn to the Federal Capital Territory (FCT) Abuja

In the month of November 2021, the three tiers of government received N727.37bn from FAAC out of which Federal Government received a total of N284.29bn, States and Local Governments received a total of N209.84bn and N156.28bn respectively.

The amount disbursed comprised of N407.86bn from the Statutory Account, N150.00b from Non-Oil Excess Account, N3.22bn from Exchange Gain difference, and N166.28n from Valued Added Tax (VAT).

The sum of N21.50bn was shared among the oil-producing states from the 13% derivation fund. NCS, FIRS, and DPR received N10.14bn, N10.18bn, and N4.27bn respectively as cost of revenue collections.

The amount received by FGN is broken into N200.76bn to the FGN consolidated revenue account; N4.96bn shared as a share of derivation and ecology; N2.48bn as stabilization fund; N8.33bn for the development of natural resources; and N6.39bn to the Federal Capital Territory (FCT) Abuja.

In the month of December, a total sum of N843.81bn was disbursed to the three tiers of government. From the total, FGN received a total of N261.41bn, States received N210.05bn while Local Governments received N155.46bn.

The amount disbursed comprised of N643.04bn from the Statutory Account, N4.16bn from Exchange Gain difference, 0.44 from Excess Bank Charges Recovered and N196.18n from Valued Added Tax (VAT).

There was no revenue from Non-Oil Excess Account in the month of December according to the report by NBS.

The sum of N49.00bn was 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 Department of Petroleum Resources (DPR) received N10.76bn, N11.74bn, and N8.45bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N212.39bn was disbursed to the FGN consolidated revenue account; N4.38bn received as a share of derivation and ecology; N2.19bn as stabilization fund; N7.36bn for the development of natural resources; and N4.38bn to the Federal Capital Territory (FCT) Abuja.

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