N675.9bn October revenue shared by federal, states, LGs in November
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The sum of N675.94 billion out of the total revenue generated in the month of October, 2021, was shared among federal, states and local governments, better known as the three tiers of government, in the month of November, Olajide Oshundun, acting director, information, Ministry of Finance, Budget, and National Planning, has disclosed.
According to the acting director, the federal government received N261.441 billion, with states and local governments receiving N210.046 billion and N155.456 billion, respectively.
Similarly, he revealed that during the month under review, oil-producing states earned an extra N49 billion from the 12 percent derivation fund, bringing the total VAT revenue collected in November to N196.18 billion as against N166.28 billion in October, an increase of N29.891 billion.
Still on the VAT revenue during the month, Oshundun disclosed that the federal government got N27.4 billion, while states and local councils received N91.34 billion and N63.94 billion, respectively.
He also said that the statutory revenue of N643.5 billion, which was distributed in November, was higher than the N407.86 billion received in October by N235.62 billion, from which the Federal Government got N231.86 billion.
In terms of the allocation to revenue generating agencies to the federal government, the disclosure by Oshundun further show that the Federal Inland Revenue Service (FIRS), the Nigerian Customs Service (NCI) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) all got N7.85 billion as cost of revenue collection, while the North East Development Commission (NEDC) project received N5.65 billion.