By Joke Kujenya
THE FEDERATION Account Allocation Committee (FAAC) discloses it has disbursed N2.32 trillion to Nigeria’s three tiers of government in June 2024.
This distribution comes from the total revenue generated in May 2024.
The disbursement included N1,223.89 billion from the Statutory Account, N587.46 billion from Exchange Gain, N15.78 billion from Electronic Money Transfer Levy (EMTL), and N497.66 billion from Value Added Tax (VAT).
The Federal Government received N365.81 billion.
State governments were allocated N388.42 billion, while Local Governments received N282.48 billion.
Oil-producing states shared N106.50 billion from the 13% derivation fund.
Revenue-generating agencies received allocations for their collections.
The Nigeria Customs Service (NCS) got N20.85 billion.
The Federal Inland Revenue Service (FIRS) received N36.33 billion.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) obtained N19.46 billion.
The Federal Government’s net disbursement included N232.82 billion to the consolidated revenue account.
It also received N5.58 billion for derivation and ecology, N2.79 billion for the stabilization fund, N9.38 billion for natural resources development, and N10.12 billion for the Federal Capital Territory (FCT), Abuja.
Further allocations included N39.84 billion to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and N9.47 billion as a refund to NUPRC on cost collection.
There was a 13% derivation refund of N100 billion from ECA/Signature Bonus and N18.16 billion from subsidy and priority projects.
The North-East Development Commission received N14.33 billion.
Another 13% derivation related to Nigerian National Petroleum C Management Fee and Frontier Exploration Fund was N3.12 billion. N520 billion was transferred to the non-oil Excess Account.
An additional N100 billion was allocated for the Presidential Metering Initiative.
The balance of the 2024 Tax Refund from FIRS was N20 billion.
Finally, N200 billion was refunded to states for net off with states from withdrawals made from ECA.
