Federal, states and local councils shared 675.946 billion Naira from the federation account for November
Written by News Room on December 20, 2021
Federal, states and local councils shared 675.946 billion Naira from the federation account for November on Friday.
Acting Director, Information, Ministry of Finance, Budget and National Planning, Mr Olajide Oshundun stated this on Saturday in Abuja.
The Federal Government received 261.441 billion Naira of the money, while states and local councils got 210.046 billion Naira and 155.456 billion Naira, respectively. Oil-producing states received additional 49.003 billion Naira as 13 per cent derivation fund.
Total VAT revenue collected in November was 196.175 billion Naira as against 166.284 billion Naira in October, showing an increase of 29.891 billion Naira.
From the VAT revenue, the Federal Government got 27.402 billion Naira, while states and local councils received 91.339 billion Naira, and 63.937 billion Naira, respectively.
The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got 7.847 billion Naira as cost of revenue collection while the North East Development Commission project received 5.650 billion Naira.
Oshundun stated that statutory revenue of 643.481 billion Naira distributed in November was higher than the N407.864 billion received in October by 235.617 billion Naira, from which the Federal Government got 231.863 billion Naira.