The Federation Accounts Allocation Committee (FAAC) has allocated N1.298 trillion to the Federal, State, and Local Governments as revenue for September 2024.
This announcement was made at the conclusion of the FAAC meeting in Abuja on Thursday, October 2024.
The total distributable revenue includes various components: N124.716 billion in statutory revenue, N543.518 billion from Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an additional N150 billion.
A communiqué from the FAAC meeting reported that the total available revenue for September 2024 amounted to N2.258 trillion.
From this total, N80.993 billion was deducted to cover collection costs, while N878.946 billion was allocated for transfers, interventions, and refunds.
In September, gross statutory revenue was N1.043 trillion, reflecting a decrease of N177.426 billion from August’s N1.221 trillion. In contrast, VAT revenue increased to N583.675 billion, up N10.334 billion from August’s N573.341 billion.
From the total distributable revenue, the Federal Government received N424.867 billion, State Governments received N453.724 billion, and Local Government Councils received N329.864 billion.
Additionally, N90.415 billion was distributed to oil-producing states as derivation revenue, equating to 13% of mineral revenue.
Breaking down the components: from the N124.716 billion in statutory revenue, the Federal Government received N43.037 billion, States received N21.829 billion, Local Governments received N16.829 billion, and N43.021 billion was allocated as derivation revenue.
From the N543.518 billion in VAT revenue, the Federal Government received N81.528 billion, States received N271.759 billion, and Local Governments received N190.231 billion.
For the N18.445 billion from EMTL, the Federal Government received N2.767 billion, States received N9.222 billion, and Local Governments received N6.456 billion.
From the N462.191 billion in Exchange Difference revenue, the Federal Government received N218.515 billion, States received N110.834 billion, Local Governments received N85.448 billion, and N47.394 billion was allocated as derivation revenue.
Of the N150 billion augmentation, the Federal Government received N79.020 billion, States received N40.080 billion, and Local Governments received N30.900 billion.
The communiqué also highlighted a significant increase in Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, alongside slight rises in VAT and Import Duty. Conversely, there were considerable declines in Petroleum Profit Tax (PPT) and Companies Income Tax (CIT).
