The Federation Accounts Allocation Committee (FAAC) has disbursed a total of N1.411 trillion amongst the Federal Government, States and Local Government Councils as allocation for October 2024.
A breakdown of the total N1.411 trillion distributable revenue shows statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.
Of the revenue disbursed after the FAAC meeting held in Bauchi state and chaired by the Accountant General of the Federation, Oluwatoyin Madein, the Federal Government received N433.021 billion, State governments received N490.696 billion while Local government Councils received N355.621 billion. A sum of N132.404 billion representing 13 per cent of the revenue was shared among the littoral states as derivation revenue.
Bawa Mokwa Director, Press and Public Relations in the Office of the Accountant General of the Federation (OAGF) noted that the meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
A communiqué issued after the meeting indicated that total gross revenue of N2.668 trillion was available in October 2024 while cost collection on the revenue was N97.517 billion and the total transfers, interventions and refunds were N1.159 trillion.
Gross statutory revenue was N1.336 trillion for October 2024, a significant increase of N293.009 over N1.043 trillion reported in September 2024. Gross Value Added Tax (VAT) revenue was N668.291 billion in October 2024, an increase of N84.616 billion over N583.675 billion available in September 2024.
Regarding the N206.319 billion distributable statutory revenue, the federal government received N77.562 billion, the State Governments received N39.341 billion, the Local government councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N622.312 billion distributable Value Added Tax (VAT) revenue, the federal government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.
The Federal Government received N2.567 billion out of the N17.111 billion Electronic Money Transfer Levy (EMTL), state governments received N8.555 billion and the Local Government Councils received N5.989 billion.
From the N566 billion Exchange Difference revenue, the Federal Government received N259.545 billion and the state governments received N131.644 billion while the Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared among the benefiting States as derivation revenue.
Bawa noted that in October 2024, Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) increased significantly while Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably.
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