N1.928 trillion, being the November Federation Account Revenue, has been shared among the federal, state, and local governments.

The revenue was shared at the December Federation Account Allocation Committee meeting in Abuja on Monday, according to a communique from the Office of the Accountant-General of the Federation.

According to the communiqué, the N1.928 trillion distributable revenue comprised statutory revenue of N1.403 trillion, value-added tax revenue of N485.838 billion, and Electronic Money Transfer Levy revenue of N39.646 billion.

It said that the total gross revenue of N2.343 trillion was available in November. It said that the total deduction for the cost of collection was N84.251 billion, while the total transfers, interventions, refunds, and savings was N330.625 billion.

Gross statutory revenue of N1.736 trillion was collected in November. This was lower than the N2.164 trillion received in October, by N427.969 billion. Gross revenue of N563. 042 billion was available from VAT in November. This was lower than the N719.827 billion available in October by N156.785 billion.

The communiqué said that of the N1.928 trillion in total distributable revenue, the federal government received N747.159 billion and the state governments received N601.731 billion. It said that the LGs received N445.266 billion, while N134.355 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N1.403 trillion distributable statutory revenue, the federal government received N668.336 billion, and the state governments received N338.989 billion. The LGs received N261.346 billion, and N134.355 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.

From the N485.838 billion distributable VAT revenue, the federal government received N72.876 billion, the state governments received N242.919 billion, and the LGs received N170.043 billion, it said.

It added that the federal government received N5.947 billion from the N39.646 billion EMTL, while the state governments received N19.823 billion, and the LGs received N13.876 billion.

In November, the excise duty increased moderately. petroleum profit tax, hydrocarbon tax, CIT on upstream activities, company income tax, CGT and SDT, oil and gas royalties, import duty, CET levies, VAT and EMTL recorded substantial decreases, it said.

(NAN)