The three tiers of government- federal, states and local governments have shared N593.33 billion revenue that accrued to the nation in October, Minister of State for Finance, Bashir Yuguda announced on Tuesday.
He disclosed this while briefing reporters on after the monthly Federation Accounts Allocation Committee meeting in Abuja.
According to him, the amount shared comprised statutory revenue of N484.32 billion, N35.55 billion Subsidy Reinvestment and Empowerment Programme funds and N6.33 billion refunded by the Nigerian National Petroleum Corporation.
He said other component of the money is Value Added Tax amounting to N67.14 billion.
The breakdown of the distribution of the revenue among the three tiers of government, shows the Federal Government received N224.26 billion, representing 52.68 per cent; states, N113.75 billion, representing 26.72 per cent and the local governments received N87.69 billion, representing 20.60 per cent of the distributed revenue.
The minister also disclosed that N47.12 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.
On VAT, he said that the gross revenue collected for the month increased by N2.03 billion to N67.13 billion as against N65.1 billion recorded in the preceding month.
“The non-mineral revenue for the month of September is N116.66 billion, which when compared to the N127.36 billion generated in August, shows a decrease of N10.7 billion.
“FIRS received N2.47 billion, the Nigerian Customs got N3.83 billion and DPR received N5.17 billion as their cost of revenue collection for the month of September,” Yuguda said.
