The three tiers of government have shared a total sum of N702.05bn for the month of October 2019.
The Accountant-General of the Federation, Ahmed Idris, confirmed the allocation briefly after the meeting at the headquarters of the ministry of finance.
The N702.05bn was made up of the Value Added Tax, where the sum of N104.91bn was allocated, Exchange Gain where the sum N1.107 was distributed, and Gross Statutory Revenue, which was the distribution of N596.04bn.
He disclosed that the Federal Government received N295.737bn, states got N192.69bn, and the Local Government Councils had N144.98bn. Adding that, the oil producing states received N49.16bn, based on the derivation principle of 13 per cent.
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Idris said “The gross statutory revenue for the month of October 2019 was N596.041bn.
“It was lower than the N599.7bn received in the previous month by N3.660bn. Revenue from VAT was N 104.91bn as against N92.87bn distributed in the preceding month, resulting in an increase of N12.03bn.”
Idris however, hinted that the Federal government would commenced the implementation of the new minimum wage very soon.
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