FG, states, LGAs share N1.41tn October revenue – FAAC

The Federal Government, states, and Local Government Areas shared N1.41tn in revenue for October 2024, an 8.7 per cent increase compared to the N1.298tn distributed for September.

This was disclosed in a press statement on Wednesday by the Director of Press and Public Relations, Office of the Accountant-General of the Federation, Mr Bawa Mokwa, following the Federation Accounts Allocation Committee meeting held in Bauchi State.

The meeting, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, took place after the 2024 National Council on Finance and Economic Development hosted by the Bauchi State Government.

The statement read, “A total sum of N1.411tn, being October 2024 Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils.”

It revealed that the total gross revenue available for October 2024 was N2.668tn, up from N2.258tn in September.

From this amount, N97.517bn was deducted for collection costs, while N1.159tn was allocated for transfers, interventions, and refunds.

The net amount available for distribution stood at N1.411tn, which includes statutory revenue of N206.319bn, Value Added Tax revenue of N622.312bn, Electronic Money Transfer Levy revenue of N17.111bn, and Exchange Difference revenue of N566.000bn.

Of the total distributable revenue, the Federal Government received N433.021bn, state governments N490.696bn, and local councils N355.621bn.

Oil-producing states received N132.404bn as 13 per cent derivation from mineral revenue.

The statement read, “The N1.411tn total distributable revenue comprised distributable statutory revenue of N206.319bn, distributable Value Added Tax revenue of N622.312bn, Electronic Money Transfer Levy revenue of N17.111bn and Exchange Difference revenue of N566.000bn.

“A communiqué issued by the Federation Accounts Allocation Committee indicated that total gross revenue of N2.668tn was available in the month of October 2024.  Total deduction for the cost of collection was N97.517bn while total transfers, interventions and refunds were N1.159tn.”

From the N206.319bn statutory revenue, the Federal Government received N77.562bn, states N39.341bn, and councils N30.330bn, while N59.086bn was allocated as derivation to oil-producing states.

The VAT revenue of N622.312bn was distributed as N93.347bn to the Federal Government, N311.156bn to states, and N217.809bn to LGAs.

From the N17.11bn Electronic Money Transfer Levy, N2.567bn went to the Federal Government, N8.555bn to states, and N5.989bn to LGAs.

Exchange Difference revenue totalling N566bn was distributed as N259.545bn to the Federal Government, N131.644bn to states, and N101.493bn to councils, with N73.318bn allocated to oil-producing states as derivation.

The statement noted significant increases in revenue from Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax, and Companies Income Tax.

However, declines were recorded in Electronic Money Transfer Levy and CET Levies.