State governments in the country received N3.4 trillion revenue in 2011, but incurred expenses of N3.5 trillion the same year, showing an overall deficit of N132 billion, data from the 2011 Annual Report of Central Bank of Nigeria has shown.
Breakdown of the sources of revenue indicated that allocations from the Federation Account (including 13 percent Derivation Fund) were N1.8 trillion; VAT N318.0 billion; Internally Generated Revenue N509.3 billion; and the Stabilization Account N11.2 billion.
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