FG, States, Local Councils Share ₦675.946 Billion

The Muhammadu Buhari-led Federal, states and local councils in Nigeria shared ₦675.946 billion from the federation account for November.

Naija News reports that this was made known by the Acting Director, Information, Ministry of Finance, Budget and National Planning, Olajide Oshundun, on Saturday in Abuja.

According to Oshundun, the federal government received ₦261.441 billion, while states and local councils got ₦210.046 billion and ₦155.456 billion, respectively.

Oil-producing states received an additional ₦49.003 billion as a 13 per cent derivation fund.

Total VAT revenue collected in November was ₦196.175 billion as against ₦166.284 billion in October, showing an increase of ₦29.891 billion.

From the VAT revenue, the federal government got ₦27.402 billion, while states and local councils received ₦91.339 billion, and ₦63.937 billion, respectively.

The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got ₦7.847 billion as cost of revenue collection while the North East Development Commission project received ₦5.650 billion, the statements reads.

Oshundun stated that statutory revenue of ₦643.481 billion distributed in November was higher than the ₦407.864 billion received in October by ₦235.617 billion, from which the federal government got ₦231.863 billion.

He explained that states got ₦117.604 billion; local councils got ₦90.668 billion, derivation (13 per cent mineral revenue) got ₦48.540 billion, cost of collection ₦23.110 billion, while transfers and refunds were ₦131.258 billion.

He added that VAT, Petroleum Profit Tax, oil and gas royalties, and Companies Income Tax increased remarkably in November, while Import and Excise Duties increased marginally.

Aggregating the revenue collected, Oshundun stated that distributable statutory revenue of ₦488.674 billion, VAT of ₦182.678 billion, exchange gain of ₦4.156 billion and excess bank charges recovery of N0.438 billion, brought total distributable revenue to ₦675.946 billion.