The Federation Account Allocation Committee (FAAC) disbursed the sum of N462.36bn to the three tiers of government in June 2017 from the revenue generated in May 2017. The amount disbursed comprised of N317.56 billion from the Statutory Account; N64.81 billion from exchange gain; N79.99 billion 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 N189.94 billion from the N462.36 billion shared. States received a total of N128.89 billion and Local governments received N96.65 billion. The sum of N26.96 billion was shared among the oil producing states as 13 per cent derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.67 billion, N7.76 billion and N2.24 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N159.45 billion was disbursed to the FGN consolidated revenue account; N3.39 billion shared as share of derivation and ecology; N1.69 billion as stabilisation fund; N5.69 billion for the development of natural resources; and N4.11 billion to the Federal Capital Territory (FCT) Abuja.
