The Minister of State for Finance, Mr Bashir Yuguda, on Wednesday announced that Federal, States and Local Governments shared N603.5bn revenue that accrued to the nation in September.
Yuguda made this known in Abuja when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee meeting.
He said that the shared amount comprised statutory revenue of N463.7bn, N35.5bn Subsidy Reinvestment and Empowerment Programme funds and N6.3bn refunded by Nigerian National Petroleum Corporation.
Other components of the money, according to him, 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.
Giving the breakdown of the distribution of the revenue among the three tiers of government, Yuguda said that the Federal Government received N217.7bn representing 52.68 per cent, states, N110.4bn, representing 26.72 per cent.
The local governments, he said, received N85.1bn, amounting to 20.60 per cent of the amount distributed.
He also disclosed that N43.7bn, representing 13 per cent derivation revenue was shared among the oil producing states.
On VAT, he said that the gross revenue collected for the month increased by N3.5bn, rising from N61.5bn recorded in the preceding month to N65.1bn.
The minister said that the nation generated N374.7bn as mineral revenue during the period as against N441.9bn generated in August, adding that the performance indicated a marked decrease of N67.1bn between the two months.
“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,” he said.
In his remarks, Accountant General of the Federation, Mr Jonas Otunla, said that though the FAAC meeting held late in the month, civil servants would receive their salaries in time.
In his comment, the Chairman, Finance Commissioners Forum, Mr Timothy Odah, expressed concern over the continued dwindling of the federation’s revenue.
He, however, assured the public that the economy was still robust.
According to Odah, 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. Click to signup for FREE news updates, latest information and hottest gists everyday
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