The Federation Accounts Allocation Committee revenue shared to federal, state and local governments increased by over 344 percent to about N8.5 trillion in the last seven months of 2024 compared to about N1.912 trillion shared in the corresponding period last year.

This is according to FAAC distributed revenue data from January 2024 to July.

The distributed revenue in the period under review was drawn from Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference.

The revenue was distributed according to 52.68 percent to the federal government, 26.72 percent to states, and 20.60 percent to local governments revenue sharing formula.

A breakdown of FAAC shared revenue in the last seven months showed that N1.15trn was shared to the Federal, State and Local Government in January, N1.152.7 trillion in February, N1.123 trillion, in March, N1,208 trillion (April), N1.143 trillion (May), N1.354 trillion (June) and N1.358 trillion in July bringing the total to about N8.5 trillion.

Meanwhile, FAAC shared N1.51 trillion from January to June 2023 and N966.110 billion in July.

The development comes upon fuel subsidy removal in May 2024 which saw petrol price rise from N238 per liter to over N600.

This has also impacted the FAAC’s revenue which saw an astronomical increase from June 2023 till date.

Despite the surge in FAAC allocations and revenue accrual to the three tiers, Nigerians have continued to lament untold economic hardship.