The Federation Accounts Allocation Committee (FAAC) has distributed N1.411 trillion among the Federal Government, States, and Local Government Councils (LGCs) for October 2024.
This information was disclosed in a communiqué issued by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, during FAAC’s November meeting in Bauchi State. The meeting, chaired by the Accountant-General of the Federation, Oluwatoyin Madein, followed the 2024 National Council on Finance and Economic Development (NACOFED) session hosted by the Bauchi State Government.
Revenue Breakdown
The total revenue of N1.411 trillion comprised:
- Statutory Revenue: N206.319 billion
- Value Added Tax (VAT): N622.312 billion
- Electronic Money Transfer Levy (EMTL): N17.111 billion
- Exchange Difference Revenue: N566 billion
The communiqué noted that the gross revenue available in October was N2.668 trillion. Deductions included N97.517 billion for collection costs and N1.159 trillion for transfers, interventions, and refunds.
Allocation Details
From the distributable revenue:
- The Federal Government received N433.021 billion.
- State governments received N490.696 billion.
- Local Government Councils received N355.621 billion.
- Oil-producing states received N132.404 billion as derivation revenue (13% of mineral resources).
Statutory Revenue Highlights
Gross statutory revenue in October amounted to N1.336 trillion, representing an increase of N293.009 billion compared to September’s figure of N1.043 trillion. Similarly, VAT revenue rose from N583.675 billion in September to N668.291 billion in October, an increase of N84.616 billion.
The communiqué attributed the revenue growth to significant increases in oil and gas royalties, excise duties, VAT, import duties, petroleum profit tax, and companies’ income tax. However, it noted decreases in EMTL and Common External Tariff (CET) levies.
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