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