A total sum of N1.41tn, being October 2024 Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein.
The FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
The N1.41tn represents an increase of N130bn when compared to the N1.28tn which the committee allocated to the three tiers of government in the month of September.
A communique issued at the end of the meeting revealed that the N1.41tn total distributable revenue comprised statutory revenue of N206.31bn, Value Added Tax revenue of N622.31bn, Electronic Money Transfer Levy (EMTL) revenue of N17.111bn and Exchange Difference revenue of N566bn.
The communiqué indicated that total gross revenue of N2.668tn was available in the month of October 2024. Total deduction for cost of collection was N97.517bn while total transfers, interventions and refunds was N1.159tn.
According to the communiqué, gross statutory revenue of N1.33tn was received for the month of October 2024. This was higher than the sum of N1.04tn received in the month of September by N293bn.
Also, gross revenue of N668.29bn was available from the Value Added Tax in October. This was higher than the N583.67bn available in the month of September by N84.61bn.
The communiqué stated that from the N1.41tn total distributable revenue, the Federal Government received a total sum of N433.0bn and the State Governments received total sum of N490.696 billion.
The Local Government Councils received total sum of N355.62bn and a total sum of N132.404bn (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N622.31bn VAT revenue, the Federal Government received N93.347bn, the State Governments received N311.15bn and the Local Government Councils received N217.8bn.
In the month of October, Oil and Gas Royalty, Excise Duty, Value Added Tax, Import Duty, Petroleum Profit Tax, and Companies Income Tax increased significantly while Electronic Money Transfer Levy and CET Levies decreased considerably.
ENDS