Between January and March 2022, The Federation Account Allocation Committee (FAAC) allocation to the federal, state, and local governments fell to 2.18 trillion dollars.
According to data compiled from various National Bureau of Statistics (NBS) reports, the FAAC distributed N766.47 billion to the three tiers of government in January 2022. This was calculated using the total revenue generated in December 2021.
The total amount disbursed was N560.07 billion from the statutory account, N5.15 billion from the difference in exchange rates, and N201.26 billion from Value Added Tax.
The Federal Government received N279.46 billion of the N766.47 billion, while states and local governments received N221.19 billion and N163.88 billion, respectively. The 13 percent Derivation Fund distributed N35.30 billion to the oil-producing states.
In February 2022, the FAAC disbursed the sum of N692.86bn to the three tiers of government from the total revenue generated in January 2022.
The Federal Government received a total of N204.58bn from the N692.86bn, while the states and local governments received a total of N179.25bn and N131.88bn, respectively.
Figures for March 2022 showed that the FAAC disbursed the sum of N722.38bn to the three tiers of government from the total revenue generated in February 2022.
The amount disbursed comprised N457.03bn from the statutory account, N80.00bn from the Non-oil Excess account, N7.48bn as Excess Bank Charges, and N177.87bn from Valued Added Tax. The Federal Government received a total of N236.18bn from the N722.38bn, while states and local governments received a total of N190.01bn and N140.61bn, respectively.
Cumulatively, the sum of N2.18trn was disbursed by the FAAC to the three arms of government in the first three months of 2022. However, the N2.18tn is lower than N2.24tn disbursed in the preceding quarter, Q4 2021.
Other remittances were made to the revenue-generating agencies comprising Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources.
Further breakdown of the disbursements showed remittances to FGN consolidated revenue account, the share of derivation and ecology, revenue for the development of natural resources; and allocation to the Federal Capital Territory, Abuja.
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