FG, States, And Local Councils Share N1.411 Trillion For October.
The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.411 trillion among the three tiers of government for October 2024. The announcement was made during FAAC’s November meeting, chaired by the Accountant General of the Federation, Dr. Mrs Oluwatoyin S. Madein, in Bauchi.
According to a statement from Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, the allocation came from a gross revenue of N2.668 trillion. This amount included Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference.
From the allocated funds, the Federal Government received N433.021 billion, while the States received N490.696 billion. Local Government Councils were allocated N355.621 billion, and oil-producing states received N132.404 billion as a derivation representing 13% of mineral revenue. Additionally, N97.517 billion was set aside for collection costs, and N1.159 trillion was allocated for transfers, interventions, and refunds.
The gross revenue from VAT for October stood at N668.291 billion, reflecting an increase of N84.616 billion from the previous month. Of this amount, the Federal Government received N93.347 billion, the States N311.156 billion, and Local Government Councils N217.809 billion after deductions for collection costs and refunds.
The Gross Statutory Revenue for October was reported at N1.336 trillion, a notable rise of N293.009 billion compared to September’s N1.043 trillion. After deductions, the Federal Government received N77.562 billion, the States N39.341 billion, Local Councils N30.330 billion, and oil-producing states N59.086 billion.
From the Electronic Money Transfer Levy (EMTL), N17.824 billion was distributed, with the Federal Government receiving N2.567 billion, States N8.555 billion, and Local Councils N5.989 billion. An additional N646 billion from the Exchange Difference was shared, with N259.545 billion going to the Federal Government, N131.644 billion to States, and N101.493 billion to Local Councils, while N73.318 billion was allocated to oil-producing states.
The communique noted significant increases in revenue from oil royalties, excise duty, VAT, import duty, petroleum profit tax (PPT), and companies’ income tax (CIT). Conversely, Electronic Money Transfer Levy and CET levies saw decreases.
The total revenue distributed for October was derived from N206.319 billion in statutory revenue, N622.312 billion in VAT, N17.111 billion from EMTL, and N566 billion from the Exchange Difference. This distribution highlights continued growth in national revenue and the government’s commitment to equitable allocation among the tiers of government.
