The Accountant-General of the Federation, Ahmed Idris, has stated that the federal government, 36 states of the federation and the 774 local government areas of the country shared the sum of N671.91 billion as the revenue that accrued into the coffers of the government for the month of October.
This was disclosed in a report released during the Federation Accounts Allocation Committee meeting in Lagos on Wednesday.
According to report for the month of October, 2021, the gross revenue available from VAT was N166.28 billion as against N170.85 billion distributed in the preceding month, resulting in a decrease of NN4.56bn.
“The gross statutory revenue of N407.86 billion received for the month was lower than the N692.28bn received in the previous month by N284.41 billion.
“Petroleum Profit Tax, Oil and Gas Royalties and Companies Income Tax decreased considerably.
“Also, there was a slight decline in Value Added Tax whereas, import duty and excise duty increased marginally.”
“The distributable statutory revenue for the month is N363.84 billion, VAT is N154.84 billion and exchange gain is N3.21 billion,” the report stated in part.
There were augmentations of N100 billion from non-oil mineral revenue bringing the total distributable revenue to N671.91 billion.”
The Accountant- General stated that the VAT distribution showed that Federal Government took 15 percent of VAT distribution, state governments got 50 percent, while the local governments took 35 percent.
Sectoral breakdown of funds available for distribution for the month of October showed that mineral revenue in October stood at N167.56 billion lower than N422.7 billion in September, which created a revenue difference of -N255.13 billon.