The Federation Account Allocation Committee (FAAC) says it disbursed N1.80 trillion to the three tiers of government in August 2023. That is N0.9 trillion lower than the N1.89 trillion it disbursed in July 2023.
This is even as the country returned N62.42 billion to the revenue generating agencies as cost of collection.
This is contained in the August 2023 FAAC disbursement report released by the National Bureau of Statistics ( NBS).
Though the report did not give reason for the drop, it said the amount disbursed comprised, N1.15 trillion recorded from the Statutory Account, N56.31 billion Exchange Rate Differential, N283.91 billion from Exchange Gain, N13.37 billion from Electronic Money Transfer Levy (EMTL), and N298.79 billion from Value Added Tax (VAT).
It said the Federal Government received a total of N391.93 billion,
States, a total of N319.52 billion, and Local Governments got a total of N236.23 billion.
The sum of N56.49 billion was shared among the oil-producing states from the 13 percent derivation fund.
The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections.