The November revenue collection cost saw FAAC shares N53.5bn to FIRS, Customs, and NUPRC.
An amount of N53.49 billion was disbursed to three Federal Government revenue-generating agencies as the cost of revenue collection in November. This recent breakdown of November 2023 Federation Account Allocation Committee (FAAC) disbursement was disclosed by the National Bureau of Statistics.
The report revealed that the Nigeria Customs Service (NCS) received N16.38 billion, while the Federal Inland Revenue Service (FIRS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N24.59 billion and N12.52 billion, respectively, as the cost of revenue collections.
In addition to this, the allocations to the three tiers of government for November 2023 were as follows: federal government (N323.35 billion), states (N307.72 billion), and local governments (N225.21 billion), as reported by NewsNow.
Furthermore, an amount of N50.67 billion was shared among the oil-producing states, being Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers, as the 13 per cent derivation fund.
