Three major revenue generating agencies, the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N15.95bn as the cost of revenue collections for May.
The National Bureau of Statistics (NBS) made this known in its Federation Account Allocation Committee, FAAC’s June 2018 Disbursement Statistics’ made available to Brand Spur Nigeria.
A breakdown of the amount shows that of the amount, the revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.63bn, N7.40bn and N3.92bn respectively as the cost of revenue collections.
The report shows that the Federation Account Allocation Committee (FAAC) disbursed the sum of N668.90bn to the three tiers of government in June 2018 from the revenue generated in May 2018.
The amount disbursed comprised of N575.48bn from the Statutory Account and N93.42bn from Valued Added Tax (VAT).
The federal government received a total of N282.22bn from the N668.90bn. States received a total of N181.17bn and Local governments received N136.49bn. The sum of N53.07bn was shared among the oil-producing states as 13% derivation fund.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N240.85bn was disbursed to the FGN consolidated revenue account; N5.10bn shared as share of derivation and ecology; N2.55bn as stabilization fund; N8.57bn for the development of natural resources; and N5.96bn to the Federal Capital Territory (FCT) Abuja.