The Nigerian Upstream Petroleum Regulatory Commission, Federal Inland Revenue Service, Nigeria Customs Service, and other revenue-generating organizations split N53.5 billion in revenue collection expenses in November.
Based on data supplied by the National Bureau of Statistics, the Federation Account Allocation Committee distributed N1.35 trillion to the three levels of government in November 2023 out of the total revenue earned in October 2023.
Distribution of funds to the three levels of government during the review period: the Federal Government was given N323.35 billion, the 36 States and the Federal Capital Territory contributed N307.72 billion, or an average of N8.32 billion, and the 774 local governments in the nation contributed N225.21 billion, or an average of N291 million.
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N660.09 billion from the Statutory Account, N262.89 billion from Exchange Gain, N60.00 billion from Non-Oil Revenue, N16.20 billion from the Electronic Money Transfer Levy, and N347.34 billion from Value Added Tax made up the total sum released.
In November, N50.67 billion was distributed among the nine states that produce oil from the 13% derivation fund.
According to figures from the National Bureau of Statistics, in the first half of the year, the nine states—Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers—shared N544.9 billion from the federation account using the 13 percent derivation formula.