The move has angered Brexit campaigners, who said the aid payments are administered by Eurocrats without any British input.
The UK currently hands over ten percent of its annual £13billion overseas aid budget to the EU.
Priti Patel, a Tory MP and the former International Development Secretary, said she was “livid” at the revelation.
She said: “Leaving the EU means taking back control of our laws, border and money – and that includes aid money.
“There is no accountability of how Brussels spends our development money.”
A Government spokesman said: “As we’ve repeatedly said, the era of sending vast amounts of money to the EU is over.
“Any future co-operation will depend on what we judge is value for money for the British taxpayer and what has best impact for our development goals.”
Under legislation approved in 2015, the UK is legally obliged to spend 0.7per cent of gross national income (GNI) on overseas development, usually referred to as foreign aid.
The UK was one of only eight countries which hit this 0.7percent target in 2016.
The United States spends less than 0.2per cent.
Mrs May has said she is will not abandon this commitment – but plenty of Tory MPs disagree.
Jacob Rees-Mogg last month delivered a Daily Express petition signed by more than 100,000 of our readers calling for her to do so.
He said: “It was a petition of Daily Express readers who want to ensure the foreign aid budget is properly spent and are not in favour – as I’m not in favour – of the 0.7 percent target.”