The Federal Government, States and Local Governments shared a total sum of N1.411 trillion, being October 2024 Federation Accounts revenue.
The amount was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC), which held in Bauchi State and was chaired by the Accountant-General of the Federation. Dr. Oluwatoyin Madein.
According to a communiqué issued at the end of the committee’s meeting, N1.411 trillion disbursed revenue to the three tiers of government comprised statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion and Exchange Difference revenue of N566.000 billion.
The communiqué indicated that total gross revenue of N2.668 trillion was raked in the month under review and that total deduction for cost of collection totalled N97.517 billion while total transfers, interventions and refunds was N1.159 trillion.
The figures reflected that gross statutory revenue of N1.336 trillion was generated in October 2024, higher than the sum of N1.043 trillion raked in the preceding month by N293.009 billion.
The FAAC reported that gross revenue of N668.291 billion was collected from the Value Added Tax (VAT) in October 2024, representing N84.616 billion higher than the N583.675 billion raked in from the revenue source Septemberthis year.
It also maintained that out of the N1.411 trillion total disbursed revenue in the month, the Federal Government received N433.021 billion, state governments got N490.696 billion, the local governments received N355.621 billion while N132.404 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
The committee further disclosed that out of the N206.319 billion disbursed statutory revenue, the Federal Government received N77.562 billion, compared to the state governments’ N39.341 billion, and that the local governments received N30.330 billion just as the sum of N59.086 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue.
The FAAC clarified: “From the N622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.
“A total sum of N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL). The State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.
“From the N566.000 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.
“The Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% 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”, it added.
