Nigeria, comprising the Federal Government, 36 states and the Federal Capital Territory shared a total of N788.14 billion in November 2018 from the revenue generated in October 2018, according to the Federation Account Allocation Committee (FAAC) Report issued by the National Bureau of Statistics (NBS).
The
amount disbursed, according to the report, comprised of N682.16 billion from
the Statutory Account, N105.17 billion from Valued Added Tax (VAT) and N806.39 billion
exchange gain allocation.
The
Federal Government received a total of N299.19 billion from the N788.14 billion
while the states received a total of N194.92 billion and Local governments
received N146.69 billion. The sum of N58.19 billion was shared among the oil
producing states as 13 percent derivation fund while N70.00 billion was
transferred to Excess crude Account (ECA). Revenue generating agencies such as
Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and
Department of Petroleum Resources (DPR) received N4.99, N7.59bn billion and
N5.82 billion respectively as cost of revenue collections.
A further breakdown of the revenue allocation distribution revealed that the sum of N243.96 billion was disbursed to the Federal Government of Nigeria (FGN) consolidated revenue account; N5.41 billion shared as share of derivation and ecology; N2.70 billion as stabilization fund; N9.08 billion for the development of natural resources; and N6.38 billion to the Federal Capital Territory (FCT) Abuja.
