How FAAC Distributed N9.079tn In 2021

A compiled data of the Federation Account Allocation Committee disbursement has revealed that a total of N9.079 trillion was shared by all three tiers of government in 2021.

According to the National Bureau of Statistics, the distribution was made to the Federal Government, States’ government and Local governments from revenue generated by agencies from tax, oil sales, statutory sources and others from previous months. These allocations are made by the government as an assistant revenue for the state, local and other sector of the government.

The present vertical Revenue Allocation Formula is: Federal Government 52.68%; State Governments 26.72%; Local Governments 20.60% and Derivation Formula 13%. Recall there has been a proposal by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha to review the sharing formula.

However, Twentyten daily findings revealed that a total of N3.127 trillion was given to the Federal government in 2021, while the State and Local Government got a total of N2.391 trillion and N1.776 trillion respectively in the same year.

Highlights of the data

  • In 2021, FG got a total of N3.127 trillion, States with N2.391 trillion and LGs with N1.776 trillion.
  • The total fund disbursed using the 13% derivation formula was N455.62 billion.
  • In 2021, the total VAT collected was N1.942 trillion.
  • The total amount generated from the Statutory account in 2021 was N6.660 trillion.
  • Nigeria got a total of N337.94 billion from the Non-oil excess account.
  • The country also got a total of N47.95 billion from exchange gain.
  • July disbursement was the highest in the year with N970.57 billion distributed. It was closely followed by October with N866.24 billion, December with N843.81 billion and August with N824.22 billion distributed.
  • The month with the lowest disbursement was in March with N605.59 billion distributed. It was followed closely by January with N619.34 billion distributed.
  • Despite July having the highest amount disbursed, the Federal Government, States and Local Governments got more allocation in August than any other month.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

Related post