FAAC: Customs, Others Shared N54bn In November

FAAC: Customs, Others Shared N54bn In November

Revenue generating agencies, Nigeria Customs Service, Federal Inland Revenue Service and Nigerian Upstream Petroleum Regulatory Commission shared N53.5bn as cost of revenue collection in November.

The Federation Account Allocation Committee disbursed the sum of N1.35tn to the three tiers of government in November 2023 from the total revenue generated in October 2023, according to data released by the National Bureau of Statistics.

Breakdown of allocations to the three tiers of government in the review period shA breakdown the Federal Government received a total of N323.35bn while the 36 States including the Federal Capital Territory shared N307.72bn which comes to an average of N8.32bn while the 774 Local Governments in the country shared N225.21bn, amounting to an average of N291m.

The amount disbursed comprised N660.09bn recorded from the Statutory Account, N262.89bn from Exchange Gain, N60.00bn from Non-Oil Revenue, N16.20bn from Electronic Money Transfer Levy, and N347.34bn from Value Added Tax.

The nine oil-producing states shared  N50.67bn from the 13 per cent derivation fund in November.

National Bureau of Statistics data showed that the nine states which are Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers shared N544.9bn from the federation account, through the 13 per cent derivation formula, in the first six months of the year.

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