FG, states, LGs share N1.298tn September revenue – FAAC

The Federal Government, states, and Local Governments have shared N1.298tn generated in September 2024 and distributed in October.

This was according to a press statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

The amount shared this month is a 7.9% increase from the N1.203tn shared in the previous month.

According to the statement, the figures were disclosed by the Federation Accounts Allocation Committee at its October 2024 meeting in Abuja.

The statement noted, “The N1.298tn total distributable revenue comprised distributable statutory revenue of N124.716bn, distributable Value Added Tax revenue of N543.518bn, Electronic Money Transfer Levy revenue of N18.445bn, Exchange Difference revenue of N462.191bn and Augmentation of N150.000bn.”

FAAC reported that the total revenue available in September 2024 was N2.258tn. After deducting N80.993bn as collection costs and N878.946bn for transfers, interventions, and refunds, the net amount available for distribution stood at N1.298tn.

From the total distributable revenue, the Federal Government received N424.867bn, the State Governments N453.724bn, and the Local Government Councils N329.864bn.

Also, N90.415bn, representing 13% of mineral revenue, was allocated to oil-producing states.

Out of the N124.716bn statutory revenue, the Federal Government got N43.037bn, the States N21.829bn, and the Local Governments N16.829bn. Oil-producing states were allocated N43.021bn as 13 per cent derivation.

From the N543.518bn VAT revenue, the Federal Government received N81.528bn, the states N271.759bn, and the Local Governments N190.231bn.

The EMTL revenue of N18.445bn was shared as N2.767bn to the Federal Government, N9.222bn to the State Governments, and N6.456bn to the Local Governments.

The exchange difference revenue of N462.191bn saw N218.515bn going to the Federal Government, N110.834bn to the States, and N85.448bn to the Local Governments, with N47.394bn given to oil-producing states as 13 per cent derivation.

The N150bn augmentation was allocated with N79.020bn to the Federal Government, N40.080bn to the States, and N30.900bn to the Local Governments.

The statement concluded, “In September 2024, Oil and Gas Royalty, Excise Duty, Electronic Money Transfer Levy, and CET Levies increased considerably while Value Added Tax and Import Duty increased marginally. Petroleum Profit Tax, Companies Income Tax, and others recorded significant decreases.”