This is contained in a statement by Mr. Oshundun Olajide,
Deputy Director (Information), Ministry of Finance, Budget and National
Planning on Friday.
The statement noted that the meeting was held virtually.
He said that out of the N760.717bn shared, the Federal
Government received N325.988bn, the states received N224.929bn while the Local
Government Councils got N168.424bn.
“The total amount shared was inclusive of Value Added Tax
and Exchange Gain.
Meanwhile, the oil producing states received N41.376bn as
derivation (13 percent of Mineral Revenue).
The communique issued by the committee indicated that the
gross revenue available from the VAT for July was N151.134bn as against
N154.465bn distributed in June.
This resulted in a decrease of N3.331bn.
“The distribution is as follows; Federal Government got
N21.083 billion, the States received N70.278 billion, Local Government Councils
got N49.194bn, Allocation to NEDC received N4.534bn and cost of
collection/transfers/ refunds got N6.045bn.
“The distributed Statutory Revenue of N601.095 billion
received for the month was lower than the N812.409 billion received for the
previous month by N211.314 billion, from which the Federal government received
N303.765 billon, States got N154.074 billion, LGCs got N6118.785 billion, and
Derivation (13 per cent Mineral Revenue) got N41.081 billion.”
The communique also revealed that Companies Income Tax,
Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant
decreases, while Import and Excise Duty, VAT decreased marginally.
It, however, disclosed that total revenue distributable for
the current month inclusive of Gross Statutory Revenue of N617.705 billion, VAT
of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total
distributable revenue to N760.717bn. (NAN)
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