FG, States, LGs Share ₦1.411 Trillion FAAC Revenue For October

A total of ₦1.411 trillion, representing the October 2024 Federation Accounts Revenue, has been shared between the Federal Government, States, and Local Government Councils (LGAs).

In a statement released by the Office of the Accountant General of the Federation on Wednesday, it was revealed that the funds were allocated during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Bauchi State, chaired by the Accountant General, Dr. Oluwatoyin Madein.

The meeting followed the 2024 National Council on Finance and Economic Development (NACOFED), hosted by the Bauchi State Government.

The total distributable revenue of ₦1.411 trillion included ₦206.319 billion in distributable statutory revenue, ₦622.312 billion from Value Added Tax (VAT), ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566.000 billion from Exchange Difference revenue.

According to a communiqué issued by FAAC, the gross revenue for October 2024 stood at ₦2.668 trillion, with deductions for collection costs amounting to ₦97.517 billion and transfers, interventions, and refunds totaling ₦1.159 trillion.

The communiqué also highlighted that the gross statutory revenue for October 2024 amounted to ₦1.336 trillion, which represents an increase of ₦293.009 billion from the ₦1.043 trillion recorded in September 2024.

For VAT, ₦668.291 billion was available in October 2024, marking an increase of ₦84.616 billion from the previous month’s ₦583.675 billion.

Of the ₦1.411 trillion distributable revenue, the Federal Government received ₦433.021 billion, while State Governments were allocated ₦490.696 billion.

Local Government Councils received ₦355.621 billion, and ₦132.404 billion (13% of mineral revenue) was distributed to benefiting states as derivation revenue.

From the ₦206.319 billion in statutory revenue, the Federal Government received ₦77.562 billion, the States got ₦39.341 billion, and the LGAs received ₦30.330 billion. Additionally, ₦59.086 billion (13% of mineral revenue) was shared among benefiting states.

The ₦622.312 billion VAT revenue was divided with the Federal Government receiving ₦93.347 billion, States getting ₦311.156 billion, and Local Government Councils receiving ₦217.809 billion.

From the ₦17.111 billion EMTL, the Federal Government received ₦2.567 billion, States received ₦8.555 billion, and LGAs were allocated ₦5.989 billion.

Regarding the ₦566.000 billion in Exchange Difference revenue, the Federal Government received ₦259.545 billion, States received ₦131.644 billion, and Local Government Councils received ₦101.493 billion. Derivation revenue for benefiting states amounted to ₦73.318 billion (13% of mineral revenue).

In October 2024, key revenue sources such as Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw significant increases, while EMTL and CET Levies experienced notable decreases.