The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion in October 2024 revenue among the Federal Government, States, and Local Government Councils.
This revenue allocation was announced during the FAAC meeting in November 2024, held in Bauchi State and chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
In a statement released on Wednesday, Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), noted that this FAAC meeting followed the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
The N1.411 trillion total distributable revenue consisted of N206.319 billion in distributable statutory revenue, N622.312 billion from Value Added Tax (VAT), N17.111 billion from the Electronic Money Transfer Levy (EMTL), and N566.000 billion from Exchange Difference revenue.
A communiqué issued by the FAAC revealed that the total gross revenue available for October 2024 was N2.668 trillion. After deducting N97.517 billion for the cost of collection and N1.159 trillion for transfers, interventions, and refunds, the net available revenue was outlined.
According to the communiqué, gross statutory revenue for October 2024 reached N1.336 trillion, an increase of N293.009 billion compared to the N1.043 trillion reported in September 2024.
Additionally, gross VAT revenue for October 2024 amounted to N668.291 billion, which is N84.616 billion higher than the N583.675 billion available in September 2024.
The communiqué specified that of the N1.411 trillion total distributable revenue, the Federal Government received N433.021 billion, the State Governments received N490.696 billion, and the Local Government Councils received N355.621 billion. Furthermore, N132.404 billion—representing 13% of mineral revenue—was shared among the benefiting states as derivation revenue.
From the N206.319 billion distributable statutory revenue, the Federal Government received N77.562 billion, the State Governments received N39.341 billion, and the Local Government Councils received N30.330 billion. Additionally, N59.086 billion (13% of mineral revenue) was allocated to the benefiting states as derivation revenue.
Regarding the N622.312 billion in distributable VAT revenue, the Federal Government received N93.347 billion, the State Governments got N311.156 billion, and the Local Government Councils received N217.809 billion.
From the N17.111 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N2.567 billion, while the State Governments received N8.555 billion and Local Government Councils received N5.989 billion.
For the N566.000 billion in Exchange Difference revenue, the Federal Government received N259.545 billion, the State Governments received N131.644 billion, and Local Government Councils were allocated N101.493 billion. Additionally, N73.318 billion (13% of mineral revenue) was distributed as derivation revenue to the relevant states.
Bawa commented that in October 2024, there were significant increases in Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT), while the Electronic Money Transfer Levy (EMTL) and CET Levies experienced considerable decreases.
