Nigeria, Sept. 18 -- The allocation was decided at the FAAC meeting in Abuja, chaired by the Minister, from a total gross income of N3.63 trillion. Wale Edun, Finance and Coordinating Minister of the Economy.
The breakdown revealed that local authorities shared N522.23 billion, state governments took N709.83 billion, and the federal government received N810.05 billion. Consistent with the deriving principle, states producing oil also got N183.01 billion.
Furthermore, N124.84 billion was subtracted for revenue collection expenses, and N1.28 trillion was set aside for transfers, interventions, and refunds.
With a significant increase of N34.67 billion from N687.94 billion in July, the gross revenue from Value Added Tax (VAT) for Au...
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