Customs, Others Split N54bn In November- FAAC

FAAC Disburses ₦780.92 billion

In November, revenue-generating agencies, including the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission, split N53.5 billion in revenue collection costs.

According to figures issued by the National Bureau of Statistics, the Federation Account Allocation Committee allocated N1.35 trillion to the three levels of government in November 2023 from total income produced in October.

The Federal Government received a total of N323.35 billion during the review period, while the 36 states, including the Federal Capital Territory, shared N307.72 billion, for an average of N8.32 billion, and the 774 local governments in the country shared N225.21 billion, for an average of N291 million.

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.