Nigeria’s federal, state and local governments have shared US$2.08 billion (N635.8 billion) for the month of November 2019 from the revenues that accrued to the federation account of the government.
Local media reports on Thursday quoted Alhaji Isa Dutse, the Permanent Secretary, Ministry of Finance, Budget and National Planning as saying on Wednesday after the Federation Account Allocation Committee (FAAC) meeting in Abuja.
The reports added that the amount shared was the total revenue, including Value Added Tax (VAT), foreign exchange gain and Forex Equalisation.
The permanent secretary stated that the Federal Government got $794.1 million (N242.2 billion), States $524.3 million (N159.9 billion) while Local Governments received $394.1 million (N120.2 billion) inclusive of VAT.
According to Dutse, $134.7 million (N42.1 billion) was allocated to some states as 13 percent derivation of mineral revenues.
He noted that in the month of November, revenues from Companies Income Tax (CIT), Value Added Tax, import duty, Royalties and Petroleum Profit Tax (PPT) dropped significantly, while Excise Duty increased marginally.
MM/GIK/APA