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Nigeria Customs, FIRS, Others Shared N54 Billion In November 2023 – NBS Reports

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3 years ago

January 18, 2024

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The National Bureau of Statistics (NBS) has disclosed that revenue-generating agencies in the country, namely the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission, collectively received N53.5 billion as the cost of revenue collection for November 2023…..CONTINUE READING

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The Federation Account Allocation Committee (FAAC), based on data released by the NBS, disbursed a total of N1.35 trillion to the three tiers of government in November 2023.

During this period, the Federal Government reportedly received N323.35bn, while the 36 States, including the Federal Capital Territory, shared N307.72bn, averaging N8.32bn per state.

The data revealed further that the 774 Local Governments in the country shared N225.21bn, averaging N291m per local government.

The disbursement consisted of N660.09bn from the Statutory Account, N262.89bn from Exchange Gain, N60.00bn from Non-Oil Revenue, N16.20bn from Electronic Money Transfer Levy, and N347.34bn from Value Added Tax.

In November, the 13 per cent derivation fund was distributed among the nine oil-producing states, resulting in a total of N50.67 billion being shared among them.

According to the data provided by the NBS, these states include Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers.

Throughout the first six months of the year, these states collectively received N544.9bn from the federation account through the 13 per cent derivation formula, understands.

Related Topics:Nigeria Customs