The three tiers of government in Nigeria – Federal, States and Local governments have shared a total of N675.650 billion as revenue generated in the month of November, 2013. This is besides the income of more than N568.413 billion disbursed in October 2013.
A communiqué issued by the Federal Accounts Allocation Committee (FAAC) has indicated that the federal government got a total of N252.239 billion (52.68%) against N213.825 billion in October. The State governments got N127.939 billion (26.72%) alongside the N108.455 billion received in October; whereas the Local Governments were given N98.636 billion (20.60%) as against N83.614 billion in October.
According to the communiqué, for the month of November 2013, the Oil Producing States got N56.390 billion as 13% derivation revenue compared to the N47.112 billion offered in the last month. The gross revenue of N597.752 billion in the month of November is higher than the N539.553 billion received in the previous month by N58.199 billion; while the distributable statutory revenue for the month was N540.754 billion.
It further explained that the gross revenue available from the Value – Added Tax (VAT) was N91.730 billion as against N66.346 billion derived in the preceding month, resulting to an increase of N25.384 billion. The sum of N7.617 billion however, was refunded by the Nigerian National Petroleum Company and N35.549 billion from SURE-P added up to the total distributable revenue for the month.
Federal Government of Nigeria Press Release
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