• Monday, March 04, 2024
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Govt’s gross revenue dips 34% to N660bn in October

Govt’s gross revenue dips 34% to N660bn in October

Total gross statutory revenue received into the federation account, dropped to N660.090 billion in October 2023, a 34.9 percent decline from N1.01 trillion recorded in September.

The reason for the decline was not given in the communique issued at the end of the monthly Federation Account Allocation Committee (FAAC) meeting.

Meanwhile, the total revenue for the month of October 2023, stood at N1.346 trillion, from which N906.955 billion was shared among the federal government, states and local government councils.

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BusinessDay’s findings showed that the total amount shared was a slight increase from N903 billion shared to the three tiers of government in the month of September.

According to a communique the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable value-added tax (VAT) revenue of N323.446 billion, electronic money transfer levy (EMTL) revenue of N15.552 billion, exchange difference revenue of N 202.887 billion and augmentation of N60.000 billion.

It also showed that total deductions for the cost of collection was N53.483 billion; total transfers, interventions and refunds were N386.081 billion in the period.

Of the N906.955 billion total distributable revenue, the federal government received a total of N323.355 billion, the state governments received N307.717 billion and the local government councils received N225.209 billion.

“The gross revenue available from VAT was N347.343 billion. This was higher than the N303.550 billion available in September 2023 by N43.793 billion. A total sum of N50.674 billion (13% of mineral revenue) was shared with the relevant states as derivation revenue.

“From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, states received N74.852 billion and local governments received N57.707 billion. The sum of N24.937 billion (13% of mineral revenue) was shared with the relevant states as derivation revenue.

“The Federal Government received N48.517 billion, states received N161.723 billion and the local councils got N113.206 billion from the N323.446 billion distributable VAT revenue,” it stated.

Of the total N15.552 billion generated as electronic money transfer levy (EMTL), the federal government received N2.333 billion, states got N7.776 billion and councils received N5.443 billion.

Also, of the N202.887 billion exchange difference revenue, the federal government received N93.323 billion, state governments received N47.334 billion, and the local government councils received N36.493 billion. While the sum of N25.737 billion (13 percent of mineral revenue) went to the relevant states as derivation revenue.

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Of the N60 billion augmentation fee, the federal received N31.608, states received N16.032 billion and councils got N12.360 billion.