The Nigeria Customs Service has received a total sum of N40.26bn as cost of revenue collections from the Federation Account Allocation Committee between January and April 2022.
A recent report by the National Bureau of Statistics titled, ‘Federation Account Allocation Committee, April 2022 disbursement’ showed that in April alone, the agency received N10.78bn, while it collected N9.46bn in March, a figure representing a 12 per cent increase.
According to the report, within the period under review, the Federal Inland Revenue Service and the Department of Petroleum Resources received N22.47bn and N11.06bn respectively as cost of revenue collections.
FAAC allocation is a monthly disbursement made to the three tiers of government as well as the critical agencies of the government. It also captures allocations made to oil-producing state, including the 13percent derivation fund and other remittances made for the purpose of natural resource development.
The report also said that in April, N1.15trn was disbursed to three tiers of the government from the total revenue generated in March 2022.
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Explaining further, the report said the amount disbursed comprised N933.30bn from the Statutory Account, and N219.50bn from Valued Added Tax
“The FAAC disbursed the sum of N1.15trn to the three tiers of government in April 2022 from the total revenue generated in March 2022. The amount disbursed comprised N933.30bn from the statutory account, and N219.50bn from Valued Added Tax VAT. The Federal Government received a total of N277.10bn from the N1.15trn, states and local governments received a total of N227.20bn and N167.91bn respectively.
“The sum of N81.93bn was shared among the oil-producing states from the 13percent derivation fund. The revenue generating agencies comprising NCS, FIRS, and DPR received N10.78bn, N22.47bn, and N11.06bn 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 N149.70bn was disbursed to the FGN consolidated revenue account; N4.68bn was received as a share of derivation and ecology; N2.34bn as stabilization fund; N7.86bn for the development of natural resources; and N6.65bn to the Federal Capital Territory.”