The Federation Account Allocation Committee (FAAC) has disbursed N1.298 trillion to the Federal Government, state governments, and Local Government Councils (LGCs) for the month of September.
This was revealed in a communiqué issued after FAAC’s October meeting, which took place on Thursday in Abuja.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), shared the communiqué with the press.
The document stated that the N1.298 trillion distributed revenue consisted of N124.716 billion in statutory revenue and N543.518 billion in Value Added Tax (VAT) revenue.
Additionally, the breakdown included N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an augmentation of N150 billion.
It also noted that the total available revenue for September was N2.258 trillion.
It stated, “Total deduction for the cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion.”
The statement further explained that gross statutory revenue in September 2024 stood at N1.043 trillion, a decline of N177.426 billion from the N1.221 trillion collected in August.
In terms of VAT, gross revenue of N583.675 billion was generated in September, which represented a slight increase of N10.334 billion over the N573.341 billion recorded in August.
“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.”
LGA allocation
- The LGCs were allocated N329.864 billion, while N90.415 billion (representing 13% of mineral revenue) was distributed to the oil-producing states as derivation revenue.
- Regarding the N124.716 billion statutory revenue, the Federal Government received N43.037 billion, state governments were allocated N21.829 billion, and LGCs received N16.829 billion.
- An additional N43.021 billion (13% of mineral revenue) was distributed to the oil-producing states as derivation revenue.
“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” the statement added.
Oil and gas revenues: The communiqué also noted that in September, Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies saw significant increases, while VAT and Import Duty recorded marginal growth.
However, the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and other revenues witnessed notable declines.