Nigeria's federal, states and local governments on Wednesday shared a total of N647.35 billion for the month of January as the Federation Account Allocation
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Mahmoud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, made the announcement while briefing journalists after the meeting. He said the N647.35 billion comprised Statutory Revenue, Value Added Tax , Exchange Gain, Non-Oil Revenue and Excess Bank Charges recovered.
“For the month of January 2020, the gross revenue available from the Value Added Tax was N104.75 billion as against N114.80 billion in the previous month, resulting in a decrease of N10.04 billion. Mr Isa-Dutse said the oil-producing states received N46.19 billion as 13 per cent derivation revenue and the revenue-generating agencies received N23.90. billion as cost of revenue collection.
“The local government councils received N34.09 billion and the revenue-generating agencies received N7.33 billion as cost of revenue collection.
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