In its monthly financial disbursements, the Federation Account Allocation Committee (FAAC) distributed the sum of N2.23 trillion to the three tiers of government for the month of March, news.ng reports.
In a notice released by the National Bureau of Statistics (NBS) on Tuesday, the sum of N1.56 trillion was generated from the Statutory Account, while N668.45 billion was generated from Value Added Tax (VAT).
Details revealed that the federal government received the lion’s share of N675.09 billion, followed by the state governments with N651.53 billion, while 774 local government councils shared N456.47 billion.
Furthermore, oil-producing states, including Delta, Rivers, Edo, and Ondo, among others, received N110.95 billion as 13% derivation revenue, as mandated by the Constitution.
In addition, revenue-generating agencies, including the Nigeria Revenue Service (NRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), received N53.48 billion and N23.83 billion, respectively.
According to the NBS notice, N519.01 billion went to the federal government’s Consolidated Revenue Account.
Also, N11.64 billion was set aside for the derivation and ecology fund, while N19.55 billion was allocated for the development of natural resources, as the Federal Capital Territory (FCT) received N11.42 billion.
