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Nigeria’s three tiers share N604 bln revenue in Oct vs N640 bln in Sept

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Nigeria distributed total revenue of N604.004 billion in the month of October among its three tiers of government from revenue generated from oil and non-oil for the month.

The amount distributed among the Federal, states and local governments for the month represented a decline from the N639.9 billion distributed in the previous month.

In a statement at the end of the Federation Accounts Allocation Committee (FAAC) meeting on Wednesday, said N48.939 billion was released to as the cost of collection to the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS( and the Department of Petroleum Resources.

The statement issued by the Director (Information) in the ministry finance and budget, Hassan Dodo, said the federal government received N220.751 billion, states received N161.825 billion, local Government councils got N120.588 billion while the oil producing states received N31.902 billion as 13 percent derivation.

READ ALSO: CBN says manufacturing PMI recovers in Nov to 50.2 points

According to the statement, the gross revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion compared with N141.858 billion distributed in the preceding month of September 2020, resulting in a decrease of N15.395 billion.

From this, the federal government got N17.642 billion, states received N58.805 billion, local hovernment councils got N41.167 billion, while cost of collection/transfer and refund got N5.059 billion.

Allocation to North East Development Commission (NEDC) project received N3.794 billion.

The statement said that the total revenue distributable for the current month was augmented with the sums of N72 billion, and N7.392 billion from Forex Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared.

The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million.

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