N1.35tn Allocated to Government Tiers, Revenue Agencies Distribute N53.5bn to Others

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The data released by the National Bureau of Statistics revealed that Nigeria’s key revenue agencies – Customs Service, Inland Revenue Service, and Petroleum Regulatory Commission – collectively distributed N53.5bn to cover the cost of revenue collection.

The Federation Account Allocation Committee, based on revenue generated in October 2023, allocated a total of N1.35tn to the three tiers of government. The breakdown revealed that the Federal Government received N323.35bn, while the 36 states, including the Federal Capital Territory, shared N307.72bn.

The 774 local governments in the country received N225.21bn. On average, this amounted to N8.32bn for states and N291m for local governments.

Furthermore, the nine oil-producing states were allotted N50.67bn from the 13% derivation fund in November. This financial distribution aims to contribute to the equitable sharing of revenue among different levels of government and regions.

Source: PUNCH

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