The Federation Account Allocation Committee (FAAC) disbursed the sum of N558.08bn to the three tiers of government in October 2017 from the revenue generated in September 2017.
In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale and made available to BrandSpur Nigeria, the bureau said the amount disbursed comprised of N423.96bn from the Statutory Account and N83.32bn from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and N50.81bn shared from the FOREX Equalisation Account.
The federal government received a total of N234.29bn from the N558.08bn shared. States received a total of N152.74bn and Local governments received N114.92bn. The sum of N40.22bn was shared among the oil producing states as 13% derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.04bn, N6.67bn, and N3.21bn respectively as the cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N200.07bn was disbursed to the FGN consolidated revenue account; N4.22bn shared as share of derivation and ecology; N2.11bn as stabilization fund; N7.09bn for the development of natural resources; and N4.98bn to the Federal Capital Territory (FCT) Abuja.
