The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion among the Federal Government, State Governments, and Local Government Councils as revenue generated in October 2024.
This was revealed in a statement from the Office of the Accountant General of the Federation after the November FAAC meeting held in Bauchi State.
The meeting, which was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, followed the 2024 National Council on Finance and Economic Development (NACOFED) conference hosted by the Bauchi State Government.
The total distributable revenue of N1.411 trillion comprised statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion, and Exchange Difference revenue of N566.000 billion.
A communiqué issued at the meeting indicated that gross revenue for October 2024 stood at N2.668 trillion, with N97.517 billion deducted for the cost of collection and N1.159 trillion allocated for transfers, interventions, and refunds.
From the total distributable revenue, the Federal Government received N433.021 billion, while State Governments got N490.696 billion. Local Government Councils received N355.621 billion, and N132.404 billion was allocated as derivation revenue (13% of mineral revenue) to benefiting states.
The communiqué explained that gross statutory revenue for October 2024 was N1.336 trillion, an increase of N293.009 billion compared to the N1.043 trillion received in September. Similarly, gross revenue from VAT rose to N668.291 billion in October, surpassing the N583.675 billion recorded in September by N84.616 billion.
From the statutory revenue of N206.319 billion, the Federal Government was allocated N77.562 billion, while State Governments received N39.341 billion. Local Government Councils were given N30.330 billion, and N59.086 billion was disbursed as derivation revenue to oil-producing states.
In the distribution of the VAT revenue of N622.312 billion, the Federal Government received N93.347 billion. State Governments were allocated N311.156 billion, and Local Government Councils received N217.809 billion.
The communiqué also disclosed that N17.111 billion from the EMTL was shared, with the Federal Government receiving N2.567 billion, State Governments N8.555 billion, and Local Government Councils N5.989 billion. For the N566.000 billion Exchange Difference revenue, the Federal Government received N259.545 billion, State Governments N131.644 billion, Local Government Councils N101.493 billion, and oil-producing states got N73.318 billion as derivation revenue.
The statement highlighted an increase in revenue from Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) during October 2024. However, it noted a significant decline in revenues from the Electronic Money Transfer Levy and CET Levies.
Dr. Oluwatoyin Madein, while commenting on the revenue performance, commended the improved collections across key sectors, which ensured the timely distribution of funds to all tiers of government.
