Sola  Jide with Agency Report
The sum of N426.88 billion was disbursed to the three tiers of
government in December 2016, the National Bureau of Statistics, NBS,
has said.
A report released by the bureau on Tuesday said the Federation Account
Allocation Committee, FAAC, disbursed the sum from the revenue
generated in November, 2016.
According to the report, the amount disbursed comprised N240.12
billion from the Statutory Account, N38.85 billion from exchange gain
and N66 billion from Excess Petroleum Product Tax (PPT) Account.
Other funds include N75.58billion from Valued Added Tax (VAT) while
the sum of N6.33billion was refunded to the Federal Government by the
Nigerian National Petroleum Corporation, NNPC.
The  federal government received N163.59billion from the amount
shared; states received N110.53billion and local governments received
The sum of N26.42billion was shared among the oil producing states as
13% derivation fund and N33.67billion was transferred to the Excess
Petroleum Product Tax, PPT, Account.
Meanwhile, revenue generating agencies like the Nigeria Customs
Service, NCS, Federal Inland Revenue Service, FIRS, and Department of
Petroleum Resources, DPR, received N3.54billion, N5.28billion and
N1.21billion respectively as cost of revenue collection.
Analysis of the report shows that the sum of N141.64billion was
disbursed to the FGN consolidated revenue account, while N2.89billion
was shared as share of derivation and ecology.
Also, the sum of N1.45billion was disbursed as stabilization fund,
while N4.87billion was for the development of natural resources.
The Federal Capital Territory (FCT) Abuja  received the sum of N3.59 billion.

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