The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N1.298 trillion as September 2024 Federation Accounts Revenue to the Federal Government, States and Local Government Councils in the country.

The FAAC announced the revenue distribution in a communique issued after the committee’s meeting on Thursday, October 17, 2024.

The N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, distributable Value Added Tax (VAT) revenue of N543.518 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.445 billion, Exchange Difference revenue of N462.191 billion, and Augmentation of N150.000 billion.

The FAAC disclosed that total revenue of N2.258 trillion was available in September 2024, noting that the total deduction for cost of collection was N80.993 billion while total transfers, interventions, and refunds was N878.946 billion.

The committee said gross statutory revenue of N1.043 trillion was received in September, stating that this was lower than the sum of N1.221 trillion received in August by N177.426 billion.

It added that gross revenue of N583.675 billion was available from the VAT in September, saying this was higher than the N573.341 billion available in August by N10.334 billion.

The FAAC stated that from the N1.298 trillion total distributable revenue, the federal government received a total sum of N424.867 billion and the state governments received a total sum of N453.724 billion.

FAAC: FG, states, LGs share N1.203trn August revenue

It noted that the Local Government Councils received a total sum of N329.864 billion, while a total sum of N90.415 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N124.716 billion distributable statutory revenue, the FAAC disclosed that the federal government received N43.037 billion and the state governments received N21.829 billion.

The FAAC said the Local Government Councils received N16.829 billion, adding that the sum of N43.021 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

The commission noted that from the N543.518 billion distributable VAT revenue, the federal government received N81.528 billion, the state governments received N271.759 billion, and the local government received N190.231 billion.

The FAAC revealed that a total sum of N2.767 billion was received by the federal government from the N18.445 billion EMTL, adding that the state governments received N9.222 billion and the local government councils received N6.456 billion.

From the N462.191 billion Exchange Difference revenue, the FAAC stated that the federal government received N218.515 billion and the state governments received N110.834 billion.

“The Local Government Councils received N85.448 billion, while the sum of N47.394 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue,” it added.

The committee further disclosed that the federal government received N79.020 billion, the state governments received N40.080 billion, and the local government council received N30.900 billion from the N150.000 billion Augmentation.

“In September 2024, Oil and Gas Royalty, Excise Duty, Electronic Money Transfer Levy (EMTL) and CET Levies increased considerably while Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT), Companies Income Tax(CIT) and others recorded significant decreases,” the FAAC noted.

The Star