Nigeria’s shared revenue pool recorded a notable increase in March, with total distributable funds rising to about N2.04 trillion, following improved statutory earnings.
Details released after the April meeting of the Federation Account Allocation Committee show that gross statutory revenue increased to around N1.7 trillion, up from N1.56 trillion in February.
Stronger income tax collections from businesses, capital gains tax, stamp duties, and excise duties mostly powered the rise.
Compared with the prior month, value-added tax collections dropped slightly to N664.4 billion.
Of the total distributable income, the federal government received roughly N789.2 billion, state administrations got N657.6 billion, and local government councils shared N468.8 billion. States producing oil got over N120.7 billion in derivation revenue as well.
Even while income from petroleum-related sources like oil royalties and hydrocarbon taxes decreased throughout the period, The News Chronicle understands that the recent revenue surge is indicative of a few increases in non-oil tax collections.
N1.32 trillion came from statutory income, N515.4 billion from VAT, and an additional N200 billion was infused as augmentation to support assignments.
Even with the rise, Nigeria’s revenue mix remains under pressure from lower oil revenues; therefore, consistent tax collection is vital for fiscal stability across all levels of government.
