FAAC disburse N532.76bn to the three tiers of government in November 2017


The Federation Account Allocation Committee (FAAC) disbursed the sum of N532.76bn to the three tiers of government in November 2017 from the revenue generated in October 2017.
The amount disbursed comprised of N412.10bn from the Statutory Account and N89.71bn from Valued Added Tax (VAT). Distribution of additional N30bn from the NNPC and the distribution of N944bn being excess bank charges on federation account.
Federal government received a total of N218.62bn from the N532.76bn shared. States received a total of N147.39bn and Local governments received N110.58bn. The sum of N40.85bn 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 N4.56bn, N5.68bn and N3.08bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N185.65bn was disbursed to the FGN consolidated revenue account N3.90bn shared as share of derivation and ecology N1.95bn as stabilization fund N6.56bn for the development of natural resources and N4.73bn to the Federal Capital Territory (FCT) Abuja

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