The Federal, State and Local Governments in Nigeria distributed N581, 498 billion amongst themselves in allocations for December 2013.
The Federal Account Allocation Committee (FAAC) revealed that the amount of revenue Nigeria accumulated in December was N538, 332 billion, which was less than the N702,541 budgeted, and compared to the N675,650 billion that was distributed in November 2013.
The amount was comprised of N473,607 billion from Statutory taxes and N64,725 billion from Value Added Tax (VAT), including N7, 617 billion refunded by the Nigerian National Petroleum Corporation (NNPC) and N35,549 billion culled from the Subsidy Reinvestment and Empowerment Programme (SURE-P).
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