The Federation Account Allocation Committee (FAAC) disbursed the sum of N652.23bn to the three tiers of government in July 2017 from the revenue generated in June 2017.
The amount disbursed comprised of N570.58bn from the Statutory Account and N81.64bn from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.
Federal government received a total of N286.65bn from the N652.23bn shared. States received a total of N178.62bn and Local governments received N134.93bn. The sum of N29.89bn was shared among the oil producing states as 13% derivation fund.
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