*The Federal Government of Nigeria received N261.441billion of the money, while states and local councils got N210.046billion and N155.456billion respectively

Isola Moses | 绿帽献妻

The Federal, states and local governments have shared N675.946billion from the Federation Account for November 2021.

Olajide Oshundun, Spokesman for the Federal Ministry of Finance, Budget and National Planning, stated this development Saturday, December 18, 2021, in Abuja, FCT, noted that the three tiers of the Nigerian Government shared the funds Friday, December 17, agency report said.

Oshundun disclosed of the total amount, the Federal Government received N261.441billion of the money, while states and local councils got N210.046billion and N155.456 billion respectively.

Oil-producing states received additional N49.003billion as 13 percent derivation fund.

Total VAT revenue collected November was N196.175billion as against N166.284billion October, showing an increase of N29.891 billion.

From the VAT revenue, the Ministry鈥檚 Spokesman stated that the Federal Government received N27.402billion, while states and local councils received N91.339 billion, and N63.937 billion respectively.

The Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) got N7.847 billion as cost of revenue collection, while the North East Development Commission project received N5.650 billion.

Oshundun further said that statutory revenue of N643.481billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, from which the federal government got N231.863 billion.

States, he noted, got N117.604 billion; local councils got N90.668 billion, derivation (13 per cent mineral revenue) got N48.540 billion, cost of collection N23.110 billion, while transfers and refunds were N131.258 billion.

According to him, VAT, Petroleum Profit Tax, oil and gas royalties, and Companies Income Tax (CIT) increased remarkably November, while Import and Excise Duties increased marginally.

Aggregating the revenue collected, Oshundun also said that distributable statutory revenue of N488.674 billion, VAT of N182.678 billion, exchange gain of N4.156 billion and excess bank charges recovery of N0.438 billion, brought total distributable revenue to N675.946 billion.

The revenue allocation, he added, was effected at a virtual Federation Accounts Allocation Committee (FAAC) meeting chaired by the Permanent Secretary in the ministry, Aliyu Ahmed.