December 3, 2020
  • December 3, 2020
  • Home
  • Top News
  • Nigeria federal, states, local govt share N606 bln revenue in May ~NBS
Finance minister

Nigeria federal, states, local govt share N606 bln revenue in May ~NBS

By on August 30, 2020 0 142 Views

Nigeria’s three tiers of government shared a total of N606.20 billion from the federation account in May from the revenue generated in April 2020, the National Bureau of Statistics (NBS) has said.
The amount disbursed, May according to the NBS latest report comprised of N370.41 billion from the Statutory Account, N94.50 billion from Valued Added Tax (VAT) and N1.12 billion from Excess Bank Charges Recovered for the month.
The NBS further break the revenue distributions to include N8.89 billion from the distribution of Solid Mineral Revenue for the month, N103.96 bilion distribution for the month and N27.32 billion exchange gain differences.
The report showed that revenue generating agencies such as the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.55 billion, N5.39 billion and N2.98 billion, respectively as cost of revenue collections.
Out of the total amount of money distributed, the Federal Government received a total of N255.07 billion, States received a total of N166.63 billion and Local Governments received N125.35 billion.
The report stated that the sum of N37.39 billion was shared among the oil producing states as 13 percent derivation fund.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N194.19 billion was disbursed to the FGN consolidated revenue account; N4.59 billion shared as share of derivation and ecology; N2.30 billion as stabilization fund; N7.71 billion for the development of natural resources; and N5.43 billion to the Federal Capital Territory (FCT) Abuja.
Nigeria distributes revenue generated from oil exports, taxes and other sources among the three ties of government monthly.

Want more Updates? Join 200+ subscribers on our mailing list!

Leave a comment

Your email address will not be published. Required fields are marked *