The Federation Account Allocation Committee (FAAC)
disbursed the sum of N655.18bn to the three tiers of government in January 2018
from the revenue generated in December 2017.
The amount disbursed comprised of N538.51bn from
the Statutory Account and N83.96bn from Valued Added Tax (VAT). Also N14.713bn
and N16.055bn were distributed as FOREX Equalisation while an excess bank
charges of N1.938bn recovered was also distributed.
Federal government received a total of N278.73bn
from the N655.18bn shared. States received a total of N175.55bn and Local
governments received N132.48bn. The sum of N51.74bn 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 N4.12bn, N7.44bn and N3.10bn respectively as
cost of revenue collections.
Further breakdown of revenue allocation
distribution to the Federal Government of Nigeria (FGN) revealed that the sum
of N240.98bn was disbursed to the FGN consolidated revenue account; N5.06bn
shared as share of derivation and ecology; N2.53bn as stabilization fund;
N8.50bn for the development of natural resources; and N5.83bn to the Federal
Capital Territory (FCT) Abuja. Click
Here to January 2018 FAAC (PDF) Report