Nigeria’s Federation Account Allocation Committee (FAAC) has distributed N966.1 billion in revenue among federal, state and local governments for July 2022.
The allocation comprises statutory revenue, VAT, electronic money transfer levies and exchange rate differences.
Minister of Finance Wale Edun disclosed the figures Tuesday after chairing the FAAC meeting in Abuja.
Of the N966.1 billion total, the federal government received N374.5 billion, states got N310.7 billion, and local councils were allotted N229.4 billion.
Additionally, N51.5 billion was allocated to oil-producing states as 13% derivation revenue.
The Excess Crude Account balance currently stands at $473.8 million according to reports.
FAAC regularly meets to share federally collected revenues among the three tiers of government. Revenues fluctuate monthly based on prices, production quotas, tax receipts and other factors.
July’s disbursement was slightly lower than June’s N1.05 trillion which saw record VAT earnings. Analysts say distributions will likely remain constrained by volatile oil markets and declining exports.
The allocations aim to fund public wages, infrastructure projects and government services across Nigeria. However, critics say more transparency and accountability is needed in utilizing the funds.