FAAC Shares N1.411tr to FG, States, LGAs for October

The Federation Account Allocation Committee (FAAC) has distributed N1.411 trillion among the three tiers of government for October 2024.

This was disclosed during the committee’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. (Mrs.) Oluwatoyin S. Madein.

The total distributable revenue was drawn from a gross collection of N2.668 trillion, comprising statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and exchange difference. Out of the total, the Federal Government received N433.021 billion, the states N490.696 billion, and local government councils N355.621 billion. Oil-producing states received N132.404 billion as 13% derivation from mineral revenue.

The communiqué issued by FAAC highlighted an increase in revenue from VAT, which totaled N668.291 billion for October, an N84.616 billion rise compared to September’s N583.676 billion. After allocations for collection costs and refunds, N622.312 billion from VAT was distributed among the tiers of government: N93.347 billion to the Federal Government, N311.156 billion to states, and N217.809 billion to local councils.

Gross statutory revenue for October stood at N1.336 trillion, reflecting a significant increase of N293.009 billion compared to September’s N1.043 trillion. From this, after deductions for costs and refunds, N206.319 billion was distributed. The Federal Government received N77.562 billion, states N39.341 billion, local councils N30.330 billion, and oil-producing states N59.086 billion.

Revenues from the Electronic Money Transfer Levy (EMTL) amounted to N17.824 billion, with the Federal Government receiving N2.567 billion, states N8.555 billion, and local councils N5.989 billion. Additionally, exchange difference revenue of N646 billion was shared, with the Federal Government receiving N259.545 billion, states N131.644 billion, and local councils N101.493 billion. Oil-producing states received N73.318 billion as derivation.

According to FAAC, revenue sources such as oil and royalty payments, excise duties, VAT, import duties, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw significant increases, while EMTL and CET levies decreased.

In total, the distributable revenue for October 2024 comprised N206.319 billion from statutory revenue, N622.312 billion from VAT, N17.111 billion from EMTL, and N566 billion from exchange difference.