Fatshimetrie, a shining example of transparency and collaboration in public affairs, recently revealed key details of the October meeting of the Federal Revenue Allocation Commission (FRC). The statement issued at the end of the FRC meeting, which held on Thursday in Abuja, gives us a valuable insight into the current financial situation of the country.
According to the statement, a staggering total of N1.298 trillion in distributable revenue was available as at October. This amount comprised of N124.716 billion in statutory distributable revenue, and N543.518 billion in Value Added Tax (VAT) revenue.
In addition, this sum comprised Electronic Money Transfer Tax (EMTT) revenue of N18.445 billion, Exchange Difference revenue of N462.191 billion and an augmentation of N150 billion. A total of N2.258 trillion of revenue was available as at September.
Total deductions for collection costs stood at N80.993 billion, while transfers, interventions and reimbursements reached N878.946 billion. The latter figure underscores the magnitude of government’s financial commitments in critical areas such as health, education and infrastructure.
Interestingly, despite a reduction in gross statutory revenue from N1.043 trillion in September to N1.221 trillion in August, VAT revenue increased significantly from N583.675 billion to N573.341 billion. These figures underscore the growing importance of VAT in the current financial landscape.
Of the total distributable revenue of N1.298 trillion, the Federal Government received N424.867 billion, State Governments N453.724 billion and Local Governments N329.864 billion. In addition, N90.415 billion, equivalent to 13% of the mining revenue, was shared among the beneficiary states as derivation revenue.
In conclusion, Fatshimetrie’s recent revelations provide an incredibly detailed insight into the country’s financial situation and highlight the critical importance of transparency and accountability in the management of public resources. This data is a valuable resource for governments and citizens, helping them make informed decisions and promote responsible and effective financial management.