The Federation Accounts Allocation Committee (FAAC) has shared N1.411 trillion as October 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 Wednesday, November 20, 2024.
The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion, and Exchange Difference revenue of N566.000 billion.
The FAAC disclosed that total gross revenue of N2.668 trillion was available in October 2024, saying the total deduction for cost of collection was N97.517 billion while the total transfers, interventions, and refunds was N1.159 trillion.
The committee stated that gross statutory revenue of N1.336 trillion was received in October, noting that this was higher than N1.043 trillion received in September by N293.009 billion.
It said gross revenue of N668.291 billion was available from the VAT in October, saying this was higher than the N583.675 billion available in September by N84.616 billion.
The FAAC stated that from the N1.411 trillion total distributable revenue, the Federal Government received N433.021 billion and the State Governments received N490.696 billion.
The FAAC revealed that the Local Government Councils received N355.621 billion, adding that N132.404 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
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On the N206.319 billion distributable statutory revenue, the FAAC stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.
It stated that the Local Government Councils received N30.330 billion, noting that N59.086 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N622.312 billion distributable VAT revenue, the FAAC disclosed that the Federal Government received N93.347 billion, the State Governments received N311.156 billion, and the Local Government Councils received N217.809 billion.
It further stated that N2.567 billion was received by the Federal Government from the N17.111 billion EMTL, adding that State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.
From the N566.000 billion Exchange Difference revenue, the FAAC stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.
It noted that the Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
“In October 2024, Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) increased significantly while Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably,” the committee revealed.
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