Federation Account Allocation Committee (FAAC) (October 2017 Disbursement)
The Federation Account Allocation Committee (FAAC) disbursed the sum of N558.08bn to the three tiers of government in October 2017 from the revenue generated in September 2017. The amount disbursed comprised of N423.96bn from the Statutory Account and N83.32bn from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National
Petroleum Corporation (NNPC) and N50.81bn shared from the FOREX Equalisation Account. Federal government received a total of N234.29bn from the N558.08bn shared. States received a total of N152.74bn and Local governments received N114.92bn. The sum of N40.22bn 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 N4.04bn, N6.67bn and N3.21bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N200.07bn was disbursed to the FGN consolidated revenue account; N4.22bn shared as share of derivation and ecology N2.11bn as stabilization fund N7.09bn for the development of natural resources and N4.98bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics / Office of The Accountant General of The Federation