Federation Account Allocation Committee (FAAC) disbursed the sum of N609.96bn
to the three tiers of government in December 2017 from the revenue generated in
amount disbursed comprised of N529.53bn from the Statutory Account and N80.43bn
from Valued Added Tax (VAT).
government received a total of N259.81bn from the N609.96bn shared. States
received a total of N164.51bn and Local governments received N124.09bn. The sum
of N43.21bn was shared among the oil producing states as 13% derivation fund.
generating agencies such as Nigeria Customs Service (NCS), Federal Inland
Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received
N4.74bn, N7.95bn and N3.65bn respectively as cost of revenue collections.
breakdown of revenue allocation distribution to the Federal Government of
Nigeria (FGN) revealed that the sum of N223.56bn was disbursed to the FGN
consolidated revenue account; N4.71bn shared as share of derivation and
ecology; N2.36bn as stabilization fund; N7.92bn for the development of natural
resources; and N5.45bn to the Federal Capital Territory (FCT) Abuja.