The Federation Account Allocation Committee (FAAC) disbursed the sum of N635.55bn to the three tiers of government in February 2018 from the revenue generated in January 2018. The amount disbursed comprised of N538.91bn from the Statutory Account and N96.65bn from Valued Added Tax (VAT). Federal government received a total of N263.28bn from the N635.55bn shared.
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 states received a total of N172.87bn and Local governments received N129.99bn. The sum of N52.04bn 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 N4.08bn, N6.29bn, and N4.47bn 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 N223.42bn was disbursed to the FGN consolidated revenue account; N4.73bn shared as share of derivation and ecology; N2.37bn as stabilization fund; N7.95bn for the development of natural resources; and N5.62bn to the Federal Capital Territory (FCT) Abuja.
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