Friday, March 20, 2017 3:40 PM/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N514.15bn to the three tiers of government in February 2017 from the revenue generated in January 2017.
The amount disbursed comprised of N325.08bn from the Statutory Account; N48.37bn from exchange gain; N60.85bn from Excess Petroleum Product Tax (PPT) Account; N73.52bn from Valued Added Tax (VAT) while the sum of N6.33bn was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
Federal government received a total of N200.59bn from the N514.15bn shared. States received a total of N128.45bn and Local governments received N96.52bn. The sum of N34.11bn was shared among the oil producing states as 13% derivation fund and N42.58bn transferred to the Excess Petroleum Product Tax (PPT) Account.
Revenue generating agencies, Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.59bn, N5.99bn and N2.31bn respectively as cost of revenue collection.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N169.24bn was disbursed to the FGN consolidated revenue account; N3.61bn shared as share of derivation and ecology; N1.80bn as stabilization fund; N6.06bn for the development of natural resources; and N4.27bn to the Federal Capital Territory (FCT) Abuja.
Click Here to Download February 2017 FAAC (PDF) Report
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