FG, States, LGs share N678 billion from federal allocation: Official
Federal, states and local councils shared N675.946 billion from the federation account for November on Friday,Olajide Oshundun, spokesman for the Ministry of Finance, Budget and National Planning said on Saturday in Abuja.
The federal government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.
Oil-producing states received additional N49.003 billion as 13 per cent derivation fund.
Total VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.
From the VAT revenue, the federal government got N27.402 billion, while states and local councils received N91.339 billion, and N63.937 billion, respectively.
The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as cost of revenue collection while the North East Development Commission project received N5.650 billion.
Oshundun stated that statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, from which the Federal Government got N231.863 billion.
He explained that states got N117.604 billion; local councils got N90.668 billion, derivation (13 per cent mineral revenue) got N48.540 billion, cost of collection N23.110 billion, while transfers and refunds were N131.258 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, Mr Oshundun stated that distributable statutory revenue of N488.674 billion, VAT of N182.678 billion, exchange gain of N4.156 billion and excess bank charges recovery of N0.438 billion, brought total distributable revenue to N675.946 billion.
Mr Oshundun stated that the revenue allocation was effected at a virtual Federation Accounts Allocation Committee meeting chaired by the Permanent Secretary in the ministry, Aliyu Ahmed.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Delta, NDLEA sensitise pupils to dangers of illicit drugs
The school authorities described the initiative as timely and valuable.
Heading 2
Fire service retrieves 52-year-old man’s body from Kwara well
Mr Adekunle noted that the location was said to be close to the residence of the deceased.
Heading 1
U.S.-based Ghanaian professor Kofi Akamani shot dead, wife arrested
Ms Akamani is scheduled to be back in court on October 6 for a preliminary hearing.
NationWide
Fans celebrate iconic juju singer King Sunny Ade at 80
The octogenarian is also a recipient of the Member of the Order of the Federal Republic (MFR).
Rights
Expert backs suicide decriminalisation
Taiwo Obindo, a psychiatrist, says decriminalising attempted suicide will enable more people to access mental health assessment, treatment and psychosocial support.
Agriculture
WAP decries cruelty against ostriches in South Africa
An international non-profit organisation, World Animal Protection, has decried the cruelty masterminded against ostriches in South Africa.
