VAT Declines As FG, States, LGs Share N672bn

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The Federal Government, 36 states of the federation and the 774 local government areas of the country shared the sum of N671.91bn as the revenue that accrued into the coffers of the government for the month of October.

This was disclosed in a report signed by the Accountant-General of the Federation, Ahmed Idris, which was released during the Federation Accounts Allocation Committee meeting in Lagos on Wednesday.

The report noted that for the month of October, 2021, the gross revenue available from VAT was N166.28bn as against N170.85bn distributed in the preceding month, resulting in a decrease of NN4.56bn.

It report read in part, “The gross statutory revenue of N407.86bn received for the month was lower than the N692.28bn received in the previous month by N284.41bn. “Petroleum Profit Tax, Oil and Gas Royalties and Companies Income Tax decreased considerably.

“Also, there was a slight decline in Value Added Tax whereas, import duty and excise duty increased marginally.”

“The distributable statutory revenue for the month is N363.84bn, VAT is N154.84bn and exchange gain is N3.21bn.

“There were augmentations of N100bn from non-oil mineral revenue bringing the total distributable revenue to N671.91bn.”
Idris stated that the VAT distribution showed that Federal Government took 15 per cent of VAT distribution, state governments got 50 per cent, while the local governments took 35 per cent.

Sectoral breakdown of funds available for distribution for the month of October showed that mineral revenue in October stood at N167.56bn lower than N422.7bn in September, which created a revenue difference of -N255.13bn.

– Punch

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