The Federation Account Allocation Committee (FAAC) disbursed the sum of N821.9 billion to the three tiers of government in July 2018 from the revenue generated in June 2018.
The amount disbursed comprised of N687.4billion from the Statutory Account, N85.3billion from Valued Added Tax (VAT) and N7.3billion excess bank charges.
Federal government received a total of N315.0billion from the N821.86billion. States received a total of N194.5billion and Local governments received N147.1billion. The sum of N42.9billion was shared among the oil producing states as 13 percent derivation fund while N100billion was transferred to Excess crude Account(ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service(FIRS) and Department of Petroleum Resources (DPR) received N4.8billion, N12.2billion and N5.42billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N271.0billion was disbursed to the FGN consolidated revenue account; N5.75billion shared as share of derivation and ecology; N2.87billion as stabilization fund; N9.7billion for the development of natural
