Nigeria's FAAC allocates N2.3 trillion to governments

Nigeria's federal, state, and local governments have received a combined N4.56 trillion from national revenues over the past two months, reflecting a significant increase in statutory tax collections that has bolstered public finances. The latest disbursement of N2.300 trillion, generated in May, was approved and shared at the Federation Account Allocation Committee meeting held in Abuja on Wednesday, June 17.

This allocation marks an increase of N43 billion over the N2.257 trillion distributed from April's revenues the previous month. The May distributable pool was drawn from a total gross revenue of N3.395 trillion available for the month. After deductions of N123.546 billion for collection costs and N971.610 billion for transfers, interventions, and refunds, the remaining N2.300 trillion was divided among the three tiers of government.

A detailed breakdown shows the federal government received N818.680 billion from the May allocation, state governments received N759.141 billion, and local government councils were allocated N534.277 billion. Oil-producing states received an additional N188.132 billion as 13 percent derivation revenue. The distributable revenue comprised N1.611...