Federation Account Allocation Committee (FAAC) Disbursement

FAAC

1. The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦2.61 trillion to the three tiers of government in August 2024 from the total revenue generated in July 2024.
2. The amount disbursed comprised:
• ₦1.37 trillion recorded from the Statutory Account,
• ₦581.71 billion from Exchange Gain,
• ₦13.65 billion from Solid Minerals
• ₦19.60 billion from Electronic Money Transfer Levy (EMTL), and
• ₦625.33 billion from Value Added Tax.
3. The allocations to the three tiers of government for August 2024 were:
• Federal Government with a total of ₦431.08 billion
• States with a total of ₦473.48 billion, and
• Local Governments with a total of ₦343.70 billion.
4. The sum of ₦109.82 billion was shared among the oil-producing states from the 13% derivation fund.
5. The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received ₦25.03 billion, ₦53.15 billion, and ₦21.58 billion respectively, as cost of revenue collections.
6. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that:
• ₦293.15 billion was disbursed to the FGN consolidated revenue account,
• ₦6.47 billion was received as a share of derivation and ecology,
• ₦3.24 billion as stabilization fund,
• ₦10.87 billion for the development of natural resources, and
• ₦11.97 billion to the Federal Capital Territory (FCT)- Abuja.

1. The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦2.27 trillion to the three tiers of government in September 2024 from the total revenue generated in August 2024.
2. The amount disbursed comprised:
• ₦1.22 trillion recorded from the Statutory Account,
• ₦468.24 billion from Exchange Gain,
• ₦15.64 billion from Electronic Money Transfer Levy (EMTL), and
• ₦573.34 billion from Value Added Tax.
3. The allocations to the three tiers of government for September 2024 were:
• Federal Government with a total of ₦374.92 billion
• States with a total of ₦422.86 billion, and
• Local Governments with a total of ₦306.53 billion.
4. The sum of ₦99.47 billion was shared among the oil-producing states from the 13% derivation fund.
5. The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received ₦21.73 billion, ₦45.07 billion and ₦15.16 billion respectively, as cost of revenue collections.