The Federation Account Allocation Committee (FAAC) disbursed the sum of N668.90 billion to the three tiers of government in June 2018 from the revenue generated in May 2018. According to a report from Nigeria Bureau of Statistics (NBS).
The amount disbursed comprised of N575.48 billion from the Statutory Account and N93.42 billion from Valued Added Tax (VAT).
Federal government received a total of N282.22 billion from the N668.90 billion. States received a total of N181.17bn and Local governments received N136.49 billion. The sum of N53.07 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 N4.63 billion, N7.40 billion and N3.92 billion respectively as cost of revenue collections.
The Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N240.85 billion was disbursed to the FGN consolidated revenue account; N5.10 billion shared as share of derivation and ecology; N2.55 billion as stabilization fund; N8.57 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja.
