National Bureau of Statistics (NBS), in its latest report, said that the Federation Account Allocation Committee (FAAC) disbursed the sum of N1.35 trillion to the three tiers of government in Nov. 2023 from the revenue generated in Oct. 2023.
According to the NBS, the highest contributions to the disbursed amount comprised of 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 (EMTL), and N134 billion from Value Added Tax (VAT).
The NBS gave the breakdown of the allocations to the three tiers of government for November 2023 as follows: Federal Government received a total of N323.35 billion, States got a total of N307.72 billion, while the Local Governments went home with a total of N225.21 billion.
In addition, it said the sum of N50.67 billion was shared among the oil-producing states from the 13 percent derivation fund.
The NBS pointed out that the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) played a pivotal role in the financial distribution received N16.38 billion, N24.59 billion, and N12.52 billion respectively, as cost of revenue collections.
The pattern of disbursement exemplifies the diversity of Nigeria’s revenue streams, with the FAAC making sure that the distribution is done equitably to the different tiers of government and all relevant agencies.
According to analysts, the country continued to navigate its fiscal landscape, the dynamics of revenue distributions to the three tiers of government and deserving agencies, play a vital role in sustaining essential services and fostering economic stability.
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