*To share N1.959trn in July, highest in recent years

The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.03 trillion to the three tiers of government in February 2023 from the total revenue generated in January 2023. The amount disbursed comprised N653.70 billion from the Statutory Account, N115.00 billion from Non-Oil Excess Account for the month, N13.80 billion from Electronic Money Transfer Levy (EMTL) and N250.01 billion from Valued Added Tax (VAT). 

A report released by the National Bureau of Statistics (NBS), shows that the Federal Government received a total of N285.24 billion from the N1.03 trillion, States and Local Governments received a total of N248.98 billion and N183.23 billion respectively.

The sum of N32.73 billion 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 N10.54 billion, N18.14 billion, and N5.37 billion respectively as cost of revenue collections. 

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N175.67 billion was disbursed to the FGN consolidated revenue account; N4.71 billion was received as a share of derivation and ecology; N2.36 billion as stabilization fund; N7.92 billion for the development of natural resources; and N6.61 billion to the Federal Capital Territory (FCT) Abuja. 

Meanwhile there were speculations that FAAC will today, Wednesday share a record N1.959 trillion to the three tiers of government. 

If that happens,  that will be the highest in recent history and a direct consequent of the removal of fuel subsidy, a subsidy Nigerians have been groaning about due to spiralling inflation which messed up the increased amount available for sharing.