The Federation Account Allocation Committee (FAAC) disburses N1.411 trillion among the Federal Government, states, and local governments for October 2024.
A total of N1.411 trillion from the October 2024 Federation Accounts Revenue has been distributed among the Federal Government, States, and Local Government Councils.
The Office of the Accountant General of the Federation released a statement on Wednesday indicating that revenue was distributed during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC). The meeting, chaired by Dr. Oluwatoyin Madein, who is the Accountant General of the Federation, took place in Bauchi State.
The Bauchi State Government hosted the 2024 National Council on Finance and Economic Development (NACOFED), which was followed by the November 2024 FAAC meeting.
The total distributable revenue of N1.411 trillion consisted of the following: N206.319 billion from distributable statutory revenue, N622.312 billion from Value Added Tax (VAT) revenue, N17.111 billion from Electronic Money Transfer Levy (EMTL), and an Exchange Difference amounting to N566.000 billion.
A statement released by the Federation Accounts Allocation Committee (FAAC) reported that a total gross revenue of N2.668 trillion was available in October 2024.
The total deduction for collection costs amounted to N97.517 billion, whereas the combined amount for transfers, interventions, and refunds was N1.159 trillion.
According to the statement, a gross statutory revenue of N1.336 trillion was received for October 2024, which is an increase of N293.009 billion compared to the N1.043 trillion collected in September 2024.
In October 2024, the Value Added Tax (VAT) generated a gross revenue of N668.291 billion, marking an increase of N84.616 billion compared to the September 2024 figure of N583.675 billion.
The communiqué indicated that from the total distributable revenue of N1.411 trillion, the Federal Government received N433.021 billion, while State Governments were allocated a total of N490.696 billion.
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The Local Government Councils were allocated a total of N355.621 billion, while an additional sum of N132.404 billion (representing 13% of the mineral revenue) was distributed among eligible states as derivation revenue.
Regarding the distributable statutory revenue of N206.319 billion, the communiqué noted that the Federal Government received N77.562 billion while State Governments were allocated N39.341 billion.
The Local Government Councils were allocated N30.330 billion, while the sum of N59.086 billion, representing 13% of mineral revenue, was distributed among the beneficiary States as derivation revenue.
From the distributable Value Added Tax (VAT) revenue of N622.312 billion, the Federal Government received N93.347 billion, State Governments were allocated N311.156 billion, and Local Government Councils obtained N217.809 billion.
The Federal Government received a sum of N2.567 billion from the N17.111 billion collected through the Electronic Money Transfer Levy (EMTL). Meanwhile, State Governments were allotted N8.555 billion and Local Government Councils obtained N5.989 billion.
According to the communiqué, out of the N566.000 billion Exchange Difference revenue, the Federal Government received N259.545 billion, while State Governments were allocated N131.644 billion.
The Local Government Councils were allocated N101.493 billion, and a total of N73.318 billion, which represents 13% of mineral revenue, was distributed as derivation revenue among the benefiting states.
In October 2024, there was a significant increase in Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT). Meanwhile, both the Electronic Money Transfer Levy (EMTL) and CET Levies experienced considerable decreases.
