Federal, States, LGs receive N652.23bn allocation in July 2017 – NBS

THE Federation Account Allocation Committee (FAAC) disbursed the sum of N652.23 billion to the three tiers of government in July 2017 from the revenue generated in June 2017.
The amount disbursed comprised of N570.58 billion from the Statutory Account and N81.64 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 N286.65 billion from the N652.23 billion shared. States received a total of N178.62 billion and Local governments received N134.93 billion. The sum of N29.89 billion was shared among the oil producing states as 13 percent derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.78 billion, N14.58 billion and N1.78 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 N248.49 billion was disbursed to the FGN consolidated revenue account; N5.22 billion shared as share of derivation and ecology; N2.61 billion as stabilization fund; N8.77 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja.