Three Tiers of Government Share N906.9 Billion in Revenue for the Month of October
The three tiers of government have shared revenue totaling N906.9 billion as their allocation from the federation account for the month of October 2023.
The take is higher than N903.48 shared for the month of September.
The shared revenue was announced in a communique issued at the end of the monthly meeting of the federation account allocation committee on Wednesday in Abuja.
The N906.9 billion was shared out of the total revenue of N1.346 trillion realized for the month of October.
The distributable revenue includes statutory revenue (N305.07 billion), value-added tax (N323.4 billion), electronic money transfer levy (N15.5 billion), foreign exchange differential (N202.85 billion), and augmentation of N60 billion.
Out of the distributable revenue, the federal government received N323.3 billion, state governments (N307.7 billion), and local governments were allocated N225.2 billion.
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Also, 13 percent derivation received N50.67 billion, revenue collection agencies (N53.4 billion), while total transfer/intervention and refunds take N386.08 billion.
“Accordingly, the Gross Statutory Revenue of N660.090 billion received in the month was lower than the sum of N1,014.953 trillion received in the previous month of September 2023 by N354.863 billion. From that amount, the sum of N38.942 billion was allocated for the Cost of Collection and a total sum of N316.078 billion for Transfers, Intervention, and Refunds.
The remaining balance of N305.070 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N147.574 billion, States got N74.852 billion, LGCs got N57.707 billion, and Oil Derivation (13 percent Mineral Revenue) got N24.937 billion.
“Also, the sum of N16.199 billion from the Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.333 billion, States got N7.776 billion, Local Government Councils received N5.443 billion and N0.647 billion was allocated for Cost of Collection,” the communique stated.
