In a communiqué issued at FAAC’s October meeting chaired by
Shamsudeen Ogunjimi, the accountant general of the federation, the ministry of
finance said the total revenue distributable was drawn from a gross revenue of
N3.05 trillion.

According to a statement on Friday by Mohammed Manga,
director of information and public relations at the ministry, the gross revenue
comprised statutory revenue, value-added tax (VAT), and electronic money
transfer levy (EMTL).

Manga said the federal government received N711.31 billion,
the states got N727.17 billion, local government councils received N529.95
billion, while oil-producing states received N134.95 billion as derivation (13
percent of mineral revenue).

He added that the sum of N116.14 billion was given for the
cost of collection, while N835 billion was allocated for transfers,
intervention and refunds.

‘VAT REVENUE INCREASED BY N150BN’

FAAC said gross VAT revenue in September was N872.63
billion, representing an increase of N150.01 billion from the N722.61 billion
distributed in August.

“From the stated amount, the sum of N34.905 Billion was
allocated for the cost of collection and the sum of N25.132 Billion given for
Transfers, Intervention and Refunds,” Manga said.

“The remaining sum of N812.593 Billion was distributed  to the three tiers of government, of which
the Federal Government got N121.889 Billion, the States received N406.297
Billion and Local Government Councils got N284.408 Billion.

“Accordingly, the Gross Statutory Revenue of N2.128 Trillion
received for the month was lower than the sum of N2.838 Trillion received in
the previous month by N710.134 Billion.

“From the stated amount, the sum of N79.090 Billion was
allocated for the cost of collection and a total sum of N809.873 Billion for
Transfers, Intervention and Refunds.

“The remaining balance of N1.239 Trillion was distributed as
follows to the three tiers of government: Federal Government got the sum of
N581.672 Billion, States received N295.032 Billion, the sum of N227.457 Billion
was allocated to LGCs and N134.956 Billion was given to Derivation Revenue (13%
Mineral producing States).

“Also, the sum of N53.838 Billion from Electronic Money
Transfer Levy (EMTL) was distributed to the three (3) tiers of government as
follows: the Federal Government received N7.753 Billion, States got N25.842
Billion, Local Government Councils received N18.089 Billion, while N2.154
Billion was allocated for Cost of Collection.”

FAAC said VAT, import duty, and EMTL increased
significantly, but CET levies, and company income tax (CIT) recorded a
decrease.

The communique added that petroleum profit tax (PPT)
increased marginally, while oil and gas royalty, and excise duty recorded
marginal decreases.

Manga said the total revenue distributed in September was
drawn from statutory revenue of N2.23 trillion, VAT of N812.59 billion, N51.68
billion from EMTL.

Wale Edun, the minister of finance and coordinating minister
of the economy, did not chair the meeting as usual amid report of his illness.

As a result of Edun’s health condition, Olayemi Cardoso,
governor of the Central Bank of Nigeria (CBN), led Nigeria’s delegation to the
World Bank and International Monetary Fund (IMF) annual meetings in Washington
DC, United States, on October 12.

Although on Wednesday, Edun was spotted at the O’DA Art
Gallery booth during the 1-54 Contemporary African Art Fair in London, United
Kingdom.

The fair runs from October 16 to 19 at Somerset House.