Daud Olatunji
The Federation Account Allocation Committee (FAAC) disbursed a total of N1.80 trillion to the three tiers of government.
According to the National Bureau of Statistics, the allocation was derived from the revenue generated in July 2023, serving as a crucial lifeline for the nation’s public services and projects.
According to the recent report by the NBS, the N1.80 trillion disbursement was broken down into various components, including:
N1.15 trillion from the Statutory Account. N56.31 billion as Exchange Rate Differential.
N283.91 billion sourced from Exchange Gain.
N13.37 billion contributed by the Electronic Money Transfer Levy. N298.79 billion generated from Value Added Tax.
The allocations were distributed among the three tiers of government as follows:
The Federal Government received a substantial sum of N391.93 billion.
States across the country were allocated a total of N319.52 billion.
Local Governments, crucial for grassroots development, received N236.23 billion.
Additionally, the oil-producing states benefited from the 13% derivation fund, with N56.49 billion shared among them.
Notably, the revenue-generating agencies played a vital role in collecting and disbursing these funds.
The Nigeria Customs Service (NCS) received N15.51 billion, the Federal Inland Revenue Service (FIRS) obtained N39.53 billion, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was allocated N7.38 billion as the cost of revenue collections.
This distribution of funds is expected to bolster government operations at all levels, supporting various initiatives aimed at improving public services, infrastructure development, and the overall welfare of citizens across Nigeria.
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