*Oil-producing states get N42b
12 January 2018, Sweetcrude, Lagos — The Department of Petroleum Resources, DPR, got the sum of N3.65 billion from the Federation Account Allocation Committee, FAAC in December 2017.
According to statistics from the Nigerian Bureau of Statistics, NBS on how N N609.96bn was disbursed across the three tiers of government from the revenue generated in November 2017, the amount shared comprised of N529.53bn from the Statutory Account and N80.43bn from Valued Added Tax, VAT.
The federal 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, while the sum of N43.21bn 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 N4.74bn, N7.95bn, and N3.65bn respectively as the cost of revenue collections.
Also, the sum of N223.56bn was disbursed to the Federal Government of Nigeria’s consolidated revenue account; N4.71bn shared as the share of derivation and ecology; N2.36bn as stabilisation fund; N7.92bn for the development of natural resources; and N5.45bn to the Federal Capital Territory, FCT, Abuja.
In November, DPR had received N3.08 billion allocation from FAAC.
The N532.76bn total sum disbursed was from revenue generated in October 2017.
Other amounts shared comprised of N412.10bn from the Statutory Account and N89.71bn from Valued Added Tax, VAT.
The sum of N40.85bn was shared among oil-producing states as 13% derivation fund.
Same November, additional N30bn from the Nigerian National Petroleum Corporation, NNPC, and N944bn being excess bank charges on the federation account was also shared in November.
While Federal government received a total of N218.62bn from the N532.76bn shared, States received a total of N147.39bn, and Local governments received N110.58bn.
Other revenue generating agencies such as Nigeria Customs Service, NCS, and Federal Inland Revenue Service, FIRS, also received N4.56bn and N5.68bn respectively as the cost of revenue collections.
A further breakdown of revenue allocation distribution to the Federal Government of Nigeria, FGN, revealed that the sum of N185.65bn was disbursed to the FGN consolidated revenue account N3.90bn shared as the share of derivation and ecology N1.95bn as stabilisation fund N6.56bn for the development of natural resources and N4.73bn to the Federal Capital Territory, FCT Abuja.