FAAC Disburses Record ₦1.134 Trillion in June 2023, Boosting Government Coffers

The Federation Account Allocation Committee (FAAC) has disbursed ₦1.134 trillion to Nigeria’s three tiers of government in June 2023.

This financial windfall, revealed in the latest report by the National Bureau of Statistics, demonstrates a notable increase compared to the previous months’ allocations.

The breakdown of the disbursement showcases that the Federal Government received ₦369.00 billion, while state governments obtained ₦299.92 billion, and local governments secured a total of ₦221.79 billion.

This distribution was fueled by various income streams, with ₦701.79 billion originating from the Statutory Account, ₦146.43 billion from Exchange rate differentials, ₦14.97 billion from the Electronic Money Transfer Levy (EMTL), ₦0.64 billion from Exchange gain allocation, and a substantial ₦270.20 billion from Value Added Tax (VAT).

Additionally, oil-producing states benefited from ₦41.89 billion through the 13% derivation fund, providing vital resources for these regions.

Revenue-generating agencies like the Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received their share, amounting to ₦10.77 billion, ₦23.62 billion, and ₦3.85 billion, respectively, as compensation for revenue collections.

This financial injection contributes to the Federal Government of Nigeria’s consolidated revenue account, infrastructure development, and natural resource management, promising economic stability and growth in the nation’s capital, Abuja.

The remarkable increase in June’s allocation reflects a positive economic trend, raising hopes for enhanced public services and development initiatives across Nigeria.