FAAC distributes N2.89trn to three tiers of government in second quarter 2022

Agency Report

The Federal Account Allocation Committee disbursed a total of N2.89 trillion to the three tiers of government in the second quarter period of 2022.

The data made available by the National Bureau of Statistics recently showed that the Federal Government got the lion’s share of N764.27 billion representing 26.44 percent while all the states of the federation, including the Federal Capital Territory, Abuja shared N670.28 billion in three months.

The share of the states and FCT represents 23.18 percent of the lump sum while Local Governments, over 700 of them across the Federation got N493.1 billion in the same period.

Meanwhile, the oil producing states got more cash into their kitty from the 13 percent derivation fund while the agencies of government that are responsible for the generation of the distributable revenue shared in the booty.

Breakdown showed that the sum of N 1.15 trillion was disbursed by FAAC to the three tiers of government in April 2022 from the total revenue generated in March 2022. The amount disbursed comprised N933.30bn from the Statutory Account, and N219.50bn from Valued Added Tax.

The Federal Government received a total of N277.10bn from the N1.15trillion, States and Local Governments received a total of N227.20bn and N167.91bn respectively. The sum of N81.93bn was shared among the oil-producing states from the 13 percent derivation fund.

The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N10.78bn, N22.47bn, and N11.06bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government revealed that a total net amount of N149.70bn was disbursed to the FGN consolidated revenue account; N4.68bn was received as a share of derivation and ecology; N2.34bn as stabilization fund; N7.86bn for the development of natural resources; and N6.65bn to the Federal Capital Territory, Abuja.

In May, FAAC disbursed the sum of N833.86 billion to the three tiers of government from the total revenue generated in April 2022.

The amount disbursed comprised N626.15bn from the Statutory Account, N20bn from Non-Oil Excess Account, N8.89 billion from Excess Bank Charges Recovered for the Month and N178.83bn from Valued Added Tax.

The Federal Government received a total of N257.61bn from the N833.86bn, States and Local Governments received a total of N201.26bn and N149.25bn respectively.

The sum of N48.49bn was shared among the oil-producing states from the 13 percent derivation fund.

The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N8.15bn, N11.33bn, and N10.13bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government revealed that a total net amount of N128.55bn was disbursed to the FGN consolidated revenue account; N4.42bn was received as a share of derivation and ecology; N2.21bn as stabilization fund; N7.42bn for the development of natural resources; and N6.01bn to the Federal Capital Territory, Abuja.

The FAAC disbursed the sum of N904.45bn to the three tiers of government in June 2022 from the total revenue generated in May 2022. The amount disbursed comprised N589.95bn from the Statutory Account, N101.32bn from the Electronic Money Transfer Levy, and N213.18bn from Valued Added Tax.

The Federal Government received a total of N229.56bn from the N904.45bn, and States and Local Governments received a total of N241.82bn and N175.94bn respectively.

The sum of N33.45bn 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 N11.90bn, N17.74bn, and N7.35bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government revealed that a total net amount of N105.33bn was disbursed to the FGN consolidated revenue account; N3.52bn was received as a share of derivation and ecology; N1.76bn as stabilization fund; N5.91bn for the development of natural resources; and N6.40bn to the Federal Capital Terri-tory, Abuja.