Federal, states, LGs share N3trn as statutory collections rise 17.8%

The three tiers of Nigerian government shared N3.007 trillion in revenue at the Federation Account Allocation Committee meeting held on the sidelines of the National Council on the Federation and Economic Development in Owerri, Imo State — significantly higher than the N2.551 trillion distributed in the previous month.

Vanguard reports that the FAAC communique attributed the increase to improved collection across oil and non-oil statutory sources, with gross statutory revenue rising to N4.359 trillion — an increase of N658.087 billion or 17.8 per cent from the preceding month’s N3.700 trillion.

Gross VAT revenue stood at N793.968 billion, a marginal decline of N5.778 billion from the previous month, suggesting consumption-tax receipts remain broadly resilient.