THE Federal Government on Wednesday, refused to comment on why the third tranche of Paris Club debt refund earlier paid to some states were withdrawn. In the communiqué of FAAC read by the Permanent Secretary, however, gross statutory revenue received was N627.139 billion. This sum is higher than the N609.975 billion received in the previous month by N17.164 billion. Therefore, from the Net statutory revenue, Federal Government received N274.889 billion representing 52.68%; States received N139.427 billion representing 26.72%; Local Government Councils received N107.493 billion representing 20.60%; while the Oil Producing States received N53.034 billion also representing 13% derivation revenue. Also, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), all recorded an increase, while Companies Income Tax (CIT) and Oil Royalty decreased.

Source: Nigerian Tribune September 27, 2018 12:22 UTC