The Federation Account Allocation Committee (FAAC) disbursed a total of N2.32 trillion to the federal, state, and local governments in June 2024, according to a report by the Nigerian Bureau of Statistics on Friday.
This allocation stems from the revenue generated in May 2024, highlighting the distribution dynamics of Nigeria’s public funds.
Breakdown of Disbursement
The disbursement included several revenue streams:
- Statutory Account: N1,223.89 billion
- Exchange Gain: N587.46 billion
- Electronic Money Transfer Levy (EMTL): N15.78 billion
- Value Added Tax (VAT): N497.66 billion
Federal Government Allocation
The Federal Government received N365.81 billion, which was further allocated as follows:
- Consolidated Revenue Account: N232.82 billion
- Derivation and Ecology Fund: N5.58 billion
- Stabilisation Fund: N2.79 billion
- Natural Resources Development: N9.38 billion
- Federal Capital Territory (FCT) Abuja: N10.12 billion
State and Local Government Allocation
State governments received a total of N388.42 billion, while local governments were allocated N282.48 billion. Additionally, N106.50 billion was shared among oil-producing states from the 13 per cent derivation fund.
Also Read: FAAC: Federal, state, local governments get ₦2.33 trillion in March, ₦1.87 trillion in April 2024
Revenue Collection Costs
Revenue collection agencies were compensated for their efforts:
- Nigeria Customs Service (NCS): N20.85 billion
- Federal Inland Revenue Service (FIRS): N36.33 billion
- Nigerian Upstream Development Petroleum Regulatory Commission (NUPRC): N19.46 billion
Additional Allocations
- Niger Delta Development: N100 billion was disbursed for 13 per cent derivation refunds on subsidies and priority projects.
- North East Development Commission: N14.33 billion
- Transfers to Non-Oil Excess Account: N520 billion
Summary of Disbursements to State Governments
Significant allocations were made to various states. For instance, Delta State received the highest total allocation of N43.78 billion. In contrast, states like Bauchi and Cross River recorded net negative statutory allocations but received positive net shares from other funds, bringing their totals to N7.54 billion and N6.53 billion, respectively.
Also Read: Nigerian govts shared N2.19 trillion of federal allocation in May 2024 – NBS
Methodology and Data Verification
The data presented was compiled by the Office of the Accountant-General of the Federation (OAGF) and verified by the National Bureau of Statistics (NBS). This rigorous process ensures the accuracy and reliability of the disbursement figures.