The Federation Account Allocation Committee (FAAC) disbursed the sum of N762.6bn to the three tiers of government in July 2019 from the revenue generated in June 2019.
The amount disbursed comprised of N652.95bn from the Statutory Account, N108.63bn from Valued Added Tax (VAT) and N1.02bn exchange gain differences.
Federal Government received a total of N309.43bn from the N762.60bn. States received a total of N201.16bn and Local governments received N151.38bn. The sum of N38.70bn 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 N4.90bn, N13.92bn and N4.10bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N250.71bn was disbursed to the FGN consolidated revenue account; N5.58bn shared as share of derivation and ecology; N2.79bn as stabilization fund; N9.37bn for the development of natural resources; and N6.58 bn to the Federal Capital Territory (FCT) Abuja.
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