Delta, Akwa Ibom, Rivers lead as FAAC shares N1.22trn in July



Uba Group

The Federation Account Allocation Committee disbursed the sum of N1.22 trillion to the three tiers of government in July 2022 from the total revenue generated in June 2022.

The amount disbursed comprised N1.01 trillion from the Statutory Account, and N208.15 billion from Valued Added Tax.

A document released by the National Bureau of Statistics on Tuesday showed that the Federal Government received a total of N321.86 billion from the N1.22trn, representing 26.4 percent while States and Local Governments received a total of N245.42 billion and N182.33 billion respectively.

The states (Sub-nationals) received 20.42 percent of the chunk while the government at the grassroots level (Local Government) got 15.2 percent of the shared sum.

Delta State led the pack of top five states with N34.44 billion while Lagos State ranked the least among the top five states with N14.36 billion.

Akwa-Ibom with N27.19 billion came after Delta while Rivers State ranked third on the list of the most favoured states with N23.56 billion.

Bayelsa State, another oil state from the South-South region of the country got a sum of N21.85 billion.

Breakdown of payment in July showed that the sum of N52.80 billion was shared among the oil-producing states from the 13 percent derivation fund.

The Revenue generating agencies comprising Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received a total sum of N44.61 billion in July.

Nigeria Customs Service got N11.46 billion, Federal Inland Revenue Service, N25.51 billion; and DPR, N7.64 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that a total net amount of N189.62 billion was disbursed to the FGN consolidated revenue account; N5.56 billion was received as a share of derivation and ecology; N2.78 billion as stabilization fund; N9.34 billion for the development of natural resources; and N7.43 billion to the Federal Capital Territory, Abuja.