The federal government on Tuesday shared N369.88 billion as November allocations among the three tiers of government.
From the statutory revenue of N297.45 billion, the Federal Government got N139. 5 billion, states N70 billion and local governments N54, 55 billion.
The VAT revenue of N61.18 billion was received, the Federal Government got N8.8 billion, states, N29.36 billion and local governments, N20.55 billion.
Briefing newsmen at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja, Minister of Finance, Mrs. Kemi Adeosun, lamented the dwindling revenue from the oil sector.
According to her, “The gross statutory revenue of N297.45 billion received in the month was lower than the N400.3 billion received in the previous month by N102.86 billion.
“On-going maintenance and the shutdown and shut-in of production for repairs at different terminals during the month continued to impact crude oil and gas revenue negatively.”
She said the statutory revenue accounted for N297.45 billion; Value Added Tax, N61.18 billion; exchange gain, N4.92 billion and N6. 3 billion, refund made by the NNPC.
Meanwhile, the revenue that accrued to the government in November decreased by N103.95bn when compared with the N473.83bn distributed in the previous month.
