Minister of Finance: Kemi Adeosun

The Federation Account Allocation Committee (FAAC) disbursed the sum of N652.23billion to the three tiers of government in July 2017 from the revenue generated in June 2017. This represents a 41% increase from N462.36 billion disbursed last month.

The amount disbursed comprised of N570.58bn from the Statutory Account and N81.64bn from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.

Federal Government received a total of N286.65bn from the N652.23bn shared. States received a total of N178.62bn and Local governments received N134.93bn. The sum of N29.89bn was shared among the oil producing states as 13% derivation fund.

According to the report, Nigeria Customs service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) got N3.78 billion, N14.58 billion and N1.78 billion respectively as cost of revenue collections.

It also revealed that the sum of N248.49 billion was disbursed to the FGN consolidated revenue account; N5.22 billion shared as share of derivation and ecology; N2.61 billion as stabilization fund; N8.77 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja.

 

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Further breakdown reveals that out of the total sum of N7,499,438,867.47 disbursed to L.Gs in Lagos State, Alimosho Local Government (L.G.) in Lagos State received the total sum of N623,172,918.31 as federal government allocation for July representing about 8% of the total L.G. allocation.

 

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