The Federal Government, states, and local governments have distributed N1.298 trillion in revenue, marking a significant allocation to drive development across various sectors in Nigeria.
A total of N1.298 trillion in revenue for September 2024 has been distributed among the Federal Government, states, and local government councils.
The distribution was confirmed at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
A statement from the Office of the Accountant General of the Federation revealed that total revenue included N124.716 billion in statutory allocations, N543.518 billion obtained from Value Added Tax (VAT), N18.445 billion generated through the Electronic Money Transfer Levy (EMTL), N462.191 billion accrued from exchange rate gains, and an additional augmentation of N150 billion.
A statement released by FAAC disclosed that the total revenue available in September 2024 was N2.258 trillion. From this amount, N80.993 billion was deducted for collection costs, and transfers, interventions, and refunds accounted for N878.946 billion.
The report indicated that the gross statutory revenue for the month amounted to N1.043 trillion, which is a decrease of N177.426 billion from August 2024’s total of N1.221 trillion. Meanwhile, VAT collections in September were reported at N583.675 billion, marking an increase of N10.334 billion from August’s figure of N573.341 billion.
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Out of the total distributable revenue of N1.298 trillion, the Federal Government was allocated N424.867 billion, state governments received N453.724 billion, local government councils were given N329.864 billion, and states eligible for 13% derivation from mineral resources obtained an allocation of N90.415 billion.
The statutory revenue of N124.716 billion was distributed as follows: the Federal Government received N43.037 billion, states collected N21.829 billion, and local councils obtained N16.829 billion; meanwhile, states benefiting from the 13% derivation allocation were granted a total of N43.021 billion.
The allocation of VAT revenue resulted in the Federal Government receiving N81.528 billion, while states collected N271.759 billion and local governments received N190.231 billion.
Furthermore, out of the N18.445 billion generated from the EMTL, the Federal Government received N2.767 billion, whereas states and local councils were allocated N9.222 billion and N6.456 billion, respectively.
The communiqué also emphasized that out of the N462.191 billion exchange rate differential, the Federal Government obtained N218.515 billion, states received N110.834 billion, and local governments were assigned N85.448 billion. An additional allocation of N47.394 billion from this revenue was given to mineral-producing states as derivation.
From the N150 billion augmentation, the Federal Government received N79.020 billion, while states were allocated N40.080 billion and local councils obtained N30.900 billion.
