The PUNCH observed, however, that the increase recorded for May was higher than that of June despite the fuel subsidy removal.
“For the month of June 2023, the gross revenue available from the Value Added Tax was N293.41bn. This was higher than the N270.2bn available in the month of May 2023 by N23.21bn. The Federal Government received N40.98bn, the State Governments received N136.61bn and the Local Government Councils received N95.63bn from the N273.23bn distributable Value Added Tax revenue.
“From the N320.89bn Exchange Difference revenue, the Federal Government received N156.16bn, the State Governments received N79.20bn, the Local Government Councils received N61.06bn and the sum of N24.47bn was shared to the relevant States as 13 per cent mineral revenue.” In a separate statement from the state house on Thursday, Special Adviser to the President, Special Duties, Communications & Strategy, Dele Alake, it was noted that President Bola Tinubu has approved the establishment of Infrastructure Support Fund for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.
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