The federal government said on Wednesday that the three tiers of government in the country shared a total of N906.955 billion for the month of October.
The three tiers of government are the federal, state and local government.
The information was contained in a communique released on Wednesday by the spokesman for the Ministry of Finance, Stephen Kilebi.
The ministry said the sum is part of the federation’s total N1.35 trillion revenue generation within the month.
The breakdown of the figures indicate that total figure shared for October represents an increase of N3.48 billion compared to the N903.48 billion shared in September 2023.
The ministry stated that the total revenue distributable for October 2023 was drawn from Statutory Revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion, bringing the total distributable amount for the month to N906.955 billion.
Out of the sum, the Federal Government received N323.355 billion, the States received N307.717 billion, the Local Government Councils got N225.209 billion, while the Oil Producing States received N50.674 billion as Derivation (13 per cent of Mineral Revenue).
The communique said, “The Federation Account Allocation Committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for October 2023 was N347.343 billion, which was an increase from the N303.550 billion distributed in the preceding month, increasing to N43.793 billion.
“From that amount, N10.894 billion was allocated for the Cost of Collection, and N10.003 billion was given for Transfers, Intervention and Refunds. The remaining sum of N323.446 billion was distributed to the three tiers of government, of which the Federal Government got N48.517 billion, the States received N161.723 billion, and Local Government Councils got N113.206 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 per cent Mineral Revenue) got N24.937 billion.”
In September, the three levels of government shared N903. 48 billion with the federal government receiving the highest.
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