N420bn Shared Among Three Tiers of Gov't for October 2016

Kemi Adosun

The three tiers of government on Wednesday shared N420 billion, for the month of October 2016. N203.952 billion of the amount was shared as statutory allocation among the three tiers.

Reports by daily trust says the Minister for Finance, Mrs. Kemi Adeosun said the country suffered a revenue loss of about $51 million in the federation's export sales due to the  activities of militants in the Niger Delta. 

The report says after making deductions and paying revenue generating agencies, the federal government got N96.6billion; state governments got N49billion, local governments N37.8billion while N13.5billion was shared as 13 percent derivation to oil minerals producing states.

From Value Added Tax, a total of N69.6billion was shared amongst the three tiers as well as N37.3billion from exchange gain, and N109billion from excess Petroleum Profit Tax (PPT).

Adeosun said the federal government will soon roll out tax incentives to boost the manufacturing sector as part of measures to get Nigeria out of recession next year.

Adeosun also said that during the month under review, the country generated N140.2 billion as mineral revenue and N98.5 billion as non-mineral revenue, showing a decrease of N41 billion from both sources.

The minister also said that the Excess Crude Account stood at 2.4 billion dollars.