Nigeria dropped below the 2 trillion naira distribution mark for the first time in four months after the Federation Account Allocation Committee divvied up 1.928 trillion naira among federal, state, and local governments following sharp declines in petroleum profit tax, company income tax, VAT, import duties, and electronic money transfer levies. The feds grabbed 747 billion naira while states took 601 billion and local councils got 445 billion, with another 134 billion going to oil-producing states as derivation cash.
Gross statutory revenue tanked from 2.164 trillion in October to 1.736 trillion, and VAT collections slid from 719 billion down to 563 billion. The committee blamed the revenue crater on drops across most major tax categories, though excise duty ticked up slightly during the period under review.
Gross statutory revenue tanked from 2.164 trillion in October to 1.736 trillion, and VAT collections slid from 719 billion down to 563 billion. The committee blamed the revenue crater on drops across most major tax categories, though excise duty ticked up slightly during the period under review.
