The Federation Account Allocation Committee (FAAC) disbursed the sum of N467.85bn to the three tiers of government in August 2017 from the revenue generated in July 2017.
The amount disbursed comprised of N387.32bn from the Statutory Account and N80.53bn 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 N193.05bn from the N467.85bn shared. States received a total of N130.69bn and Local governments received N98.01bn. The sum of N31.59bn 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 N3.63bn, N6.76bn and N2.12bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N162.09bn was disbursed to the FGN consolidated revenue account; N3.44bn shared as share of derivation and ecology; N1.72bn as stabilization fund; N5.79bn for the development of natural resources; and N4.18bn to the Federal Capital Territory (FCT) Abuja.
