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Nigeria’s Federal Government, others share N702.058 billion for October 

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Nigeria Federal Government, President Muhammadu Buhari
President Muhammadu Buhari

By Emmanuel Elebeke

The Federal government, States and Local government Councils on Wednesday shared a total of N702.058 billion to the three tiers of government for the month of October 2019.

This was announced at the Federation Accounts Allocation Committee (FAAC) meeting chaired by the Accountant General of the Federation, Ahmed Idris.

The N702.058 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.  The FAAC announced that as at  20th November  2019, the balance in the Excess Crude Account was $ 324 million.

The gross statutory revenue for the month of October 2019 was N596.041billion.

The amount was lower than the N599.701 billion received in the previous month by N3.660 billion.

Revenue from Value Added Tax (VAT) was N 104.910 billion as against N92.874 billion distributed in the preceding month, resulting in an increase of N12.036 billion. Exchange Gain yielded a total revenue of N1.107 billion.

A breakdown of the distribution showed that from the total revenue of N702.058 billion, the Federal Government received N295.737 billion, the States received N192.697 billion, and the Local Government Councils received N144.987 billion.

The Oil Producing States received N49.164 billion as 13% derivation revenue and the Revenue Generating Agencies received N19.472 billion as cost of revenue collection.

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Further breakdown of the distribution indicated that from the gross statutory revenue of N596.041 billion, the Federal Government received N280.110 billion, the States received N142.076 billion, the Local Government Councils received N109.534 billion, the Oil Producing States received N49.044  billion as 13% derivation revenue and the Revenue Collecting Agencies received N15.276 billion as cost of collection.

Similarly, the Federal Government received N15.107 billion from the Value Added Tax (VAT), the States received N50.357  billion, while the Local Government Councils received N35.250 billion and the Revenue Generating agencies got N4.196 billion.

According to Idris,  revenues from Companies Income Tax(CIT), Value Added Tax (VAT) and import duty generated in the month of October 2019, increased remarkably, while Royalties, Petroleum Profit Tax (PPT) and Excise Duty decreased significantly.

On minimum wage, he said the government is not unaware of its responsibility to pay the new minimum wage as promised.

Vanguard News Nigeria.

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