The Minister of Finance, Kemi Adeosun, said about 797.51 billion naira revenue generated from Value Added Tax, VAT, between January and October was transferred into the Federation Account.
She said that the non-oil revenue represented 46.15 per cent of the 2017 VAT budget of 1.728 trillion naira. This also showed an increase of 19.78 per cent over the corresponding period in 2016.
She added that the highest VAT collection of 86.71 billion naira was achieved in September 2017, while 84.67 billion naira and 83.315 billion naira were recorded in May and October. The lowest VAT earning of 69.20 billion naira was in March.
From the collections, Adeosun said that the Federal Government got 15 per cent of the revenue, while the states and local governments received 50 per cent and 35 per cent.
She said the Federal Government would continue to collaborate with the states to grow the non-oil revenue base, including raising the VAT collection to 100 billion naira monthly.