The Federation Account Allocation Committee (FAAC) disbursed the sum of N430.16bn to the three tiers of government in January 2017 from the revenue generated in December 2016.
The amount disbursed comprised of N248.72bn from the Statutory Account; N52.85bn from exchange gain; N42.99bn from Excess Petroleum Product Tax (PPT) Account; N79.27bn 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 N168.03bn from the N430.16bn shared. States received a total of N114.28bn and Local governments received N85.40bn. The sum of N26.83bn was shared among the oil producing states as 13% derivation fund and N23.83bn 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 N3.56bn, N5.60bn and N2.55bn respectively as cost of revenue collection.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N145.72bn was disbursed to the FGN consolidated revenue account; N2.97bn shared as share of derivation and ecology; N1.49bn as stabilization fund; N4.99bn for the development of natural resources; and N3.69bn to the Federal Capital Territory (FCT) Abuja.
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