Revenue shared by FG, States, 774 LGAs shrinks again

Zainab Ahmed 2

Zainab Ahmed: Minister of Finance: Nigeria's GDP grows in 4th Quarter 2020

Zainab Ahmed: Minister of Finance: FG, states, 774 LGAs share N601 billion

By Abankula with Temitope Ponle

Revenue available to be shared by all the tiers of government shrank slightly in November, according to latest figure released by Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning.

Ahmed said the Federal Government, States and Local government Councils shared N601.110 bn for November. In October, N604bn was shared.

However, the November revenue was not the lowest in the year.

The year started with N647.35 billion made available for all the three tiers of government.

In February, as the pandemic began to hit the globe, revenue shrank to N581.56 billion.

March went up a bit to N597.6 billion; April N634.7 billion.

In May N606 billion was shared. June was N651 billion and July set a record for the year as N696 billion was shared.

August slipped to N676billion, September N682billion.

Hassan Dodo, Director of Information in the ministry, quoted Ahmed as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja on Wednesday.

Related News

Ahmed said that the N601.110 bn shared, represented the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to the permanent secretary, the Federal Government received N215.600 bn, states got N171.167 bn, while local government councils had N126.789 bn.

He added that the oil producing states received N31.392 bn as 13 per cent derivation from Mineral Revenue, while Cost of Collection/Transfer and Refund was N56.162 bn.

A communiqué issued by the committee, stated that the gross revenue available from the Value Added Tax (VAT) for November amounted to N156.786 bn, as against the N126,463 bn distributed in October, indicating an increase of N30.323 bn.

“The distribution is as follows; Federal Government got N21.872 bn, the states received N72.906 bn, Local Government Councils got N51.034 bn, while Cost of Collection – FIRS and NCS was N6.271 bn and Allocation to the NEDC project amounted to N4.704 bn.

“The distributed Statutory Revenue of N436.457 bn received for the month, was higher than the N378.148 bn received for the previous month by N58.309 bn.

From the total, the Federal Government received N190.122 bn, states got N96.433 bn, LGCs got N74.345 bn, while the 13 per cent Derivation from Mineral Revenue amounted to N30.370 bn and Cost of Collection/ Transfer and Refund got N45.187 bn.”

The communiqué also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) increased substantially, while Companies Income Tax (CIT) recorded a sharp drop.

Furthermore, it disclosed that total revenue distributable for the current month was augmented with the sum of N7.867 bn drawn from the Forex Equalisation Account.

Meanwhile, the balance in the Excess Crude Account stands at $72.411 m, the communique said.

Load more