According to a statement from Mr Oshundun Olajide, Deputy
Director (Information), Ministry of Finance, Budget and National Planning late
on Thursday, the meeting was held through a Virtual Conference.
“From the N739.965 billion, inclusive of Value Added Tax
(VAT), and Exchange Gain, the Federal Government received N301.311 billion, the
states received N220.272 billion, the LGs got N164.176 billion.
However, the oil producing states received N54.206 billion
as derivation (13 per cent of Mineral Revenue).
The additional allocation to the oil producing states means
more money for all the states in South-South, Abia, Imo and Ondo states.
The communique issued after the meeting indicated that the
Gross Revenue available from VAT for September was N170.850 billion distributed
in the preceding month, resulting in a decrease of N7.659 billion.
“The distribution is as follows; Federal Government got
N23.864 billion, the States received N79.548 billion, Local Government Councils
got N55.684 billion.
“The distributed Statutory Revenue of N692.283 billion
received for the month was higher than the N537.518 billion received in the
previous month by N154.765 billion.
“From this amount, the Federal Government received N276.008
billon, states got N139.995 billion, LGCs got N107.930 billion, and Derivation
(13 per cent Mineral Revenue) got N53.831 billion.”
The communique further revealed that Petroleum Profit Tax
(PPT), Oil and Gas Royalties and Excise Duty increased significantly, while
Import Duty and VAT and Companies Income Tax (CIT), decreased marginally.
It, however, disclosed that total revenue distributable for
the current month was inclusive of Gross Statutory Revenue of N577.765 billion,
VAT of N159.096 billion, and Exchange Gain of N3.104 billion.
These brought the total distributable revenue to N739.965
billion.
However, the balance of Excess Crude Account as at today
stands at $60.860 million.
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