The Minister of State for Finance, Mr Bashir Yuguda, on tuesday said
that the federal, states and local govt. shared N628.8 billion as
revenue for the month of november. Yuguda made this known when he
briefed newsmen on the outcome of the Federation Accounts Allocation
Committee FAAC meeting in Abuja.
He said the distributable
statutory revenue for the month was N427.6 billion, comprising N35.5
billion from SURE-P and N6.3 billion refunded by NNPC to the Federal
Government of Nigeria. According to him, another N6.1 billion was shared as part of exchange gain for the month. “So,
the total revenue distributable for the month, including Value Added
Tax (VAT) of N60.6 billion and another N55.6 billion payment from NNPC
is approximately N628.8 billion,’’ he said.
Yuguda said a
breakdown of the distribution showed that the Federal Government
received N196.4 billion, representing 52.68 per cent; and states,
N99.649 billion, representing 26.72 per cent. He further said that the local governments received N76.8 billion, amounting to 20.60 per cent of the amount distributed. The
minister said that N39.9 billion, representing 13 per cent derivation
revenue was also shared among the oil producing states.
On VAT,
Yuguda said the gross revenue collected for the month of November was
N60.6 billion as against the N67.1 billion distributed in October,
representing an increase of N3.5 billion. He
said that the nation generated N383.1 billion as mineral revenue in
November as against the N420 billion in the month of October. The
minister said that this figure showed a marked decrease of N34.4 billion
between the two months adding that the non-Mineral revenue for November
was N115.1 billion as against the N116.7 billion it generated in
October.
He rounded-off the briefing with the balance of the
Excess Crude Account, which was 3.1 billlion dollars, which was less
than the balance it had in the month of October by one billion dollars. Earlier,
the Minister of Finance, Dr Ngozi Okonjo-Iweala, who was at the
meeting, said she was there to parley with states to work hard in
boosting their internally generated revenue.
“As you can see, we
are in for some hard time. It is time for all of them to look towards
raising more internally generated revenue. “But in the medium term, we will also look at tax policy, issues like the VAT.
“You
know governors already rose from their last nationally economic council
to say that they will like the VAT to be looked at,’’ Okonjo-Iweala
said.
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