Three Tiers of Government share N603.5bn for Sept

The Federal, States and Local Governments shared N603.5bn revenue that accrued to the nation in September. This information was disclosed by the Minister of State for Finance, Mr Bashir Yuguda on Wednesday, October 22, while briefing newsmen on the outcome of the Federation Accounts Allocation Committee meeting.

The amount, according to him comprise of statutory revenue of N463.7bn, N35.5bn Subsidy Reinvestment and Empowerment Programme funds and N6.3bn refunded by Nigerian National Petroleum Corporation.

He said that other components of the money were Value Added Tax figure of N65.1bn, another N30bn payment from NNPC and N2.7bn Excess Crude money released to augment shortfall in revenue generated during the period.

Yuguda added that according to the breakdown of the distribution of the revenue among the three tiers of government, the Federal Government received N217.7bn representing 52.68%, states received N110.4bn, representing 26.72% and local government received N85.1bn amounting to 20.60% of the amount distributed.

The Minister also made it known that the oil producing states of the nation shared N43.7bn representing 13% derivation revenue.

On VAT, he added that the gross revenue collected for the month increased by N3.5bn, rising from N61.5bn recorded in the previous month.

The Minister also disclosed that the mineral revenue generated by the nation depreciated by N67.1bn to N374.7bn in the month of September against N441.9bn generated in August.

He said, “The non-mineral revenue for the month of September is N127.3bn, which when compared to the N159.7bn generated in August shows a decrease of N32.3bn.

“FIRS received N3bn and the Nigerian Customs got N3.6bn as their cost of revenue collection for the month of September.”

The Chairman, Finance Commissioners Forum, Mr. Timothy Odah, showed concern over the continue declining of the nations revenue. He however ensured the public that the nation’s economy was still robust.

He added that Nigeria is not broke; what we need is to balance.

“We need to stop depending so much on oil due to the volatile nature of oil prices at the moment.

“This is a period of reality. So we will have to lessen our propensity to consume and increase our propensity to save,” he said.