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Nigeria, States Share N676bn For November

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The federal , states, and local governments shared N675.94 billion from the federation account in November.

This was disclosed by Olajide Oshundun, Acting Director, Information, Ministry of Finance, Budget, and National Planning on Saturday.

The federal government received N261.441 billion, with states and local governments receiving N210.046 billion and N155.456 billion, respectively.

Oil-producing states earned an extra N49.003 billion from the 12% derivation fund.Total VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.

READ ALSO: Nigerian govt to replace fuel subsidy with N5,000 transport grant for poor citizens —Zainab Ahmed

From the VAT revenue, the federal government got N27.402 billion, while states and local councils received N91.339 billion and N63.937 billion, respectively.

The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as cost of revenue collection while the North East Development Commission project received N5.650 billion.

Oshundun stated that statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, from which the Federal Government got N231.863 billion.

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