FG, states, LGs share N1.411trn for October 2024
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments as federation allocation for October 2024.
The announcement was made during FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein.
The distributed funds were drawn from a gross revenue of N2.668 trillion, inclusive of gross statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and exchange difference revenue.
Allocation Breakdown
From the total allocation:
Federal Government: N433.021 billion
State Governments: N490.696 billion
Local Government Councils: N355.621 billion
Oil-Producing States (Derivation – 13%): N132.404 billion
Additionally, N97.517 billion was allocated for collection costs, while N1.159 trillion went to transfers, interventions, and refunds.
Revenue Highlights
The gross revenue from VAT for October 2024 increased significantly to N668.291 billion, up from N583.676 billion in the previous month. After deducting N26.732 billion for collection costs and N19.247 billion for transfers and refunds, N622.312 billion was distributed as follows:
Federal Government: N93.347 billion
State Governments: N311.156 billion
Local Government Councils: N217.809 billion
Gross statutory revenue for the month totaled N1.336 trillion, a N293.009 billion increase from the previous month’s N1.043 trillion. After deductions, the remaining N206.319 billion was distributed as follows:
Federal Government: N77.562 billion
State Governments: N39.341 billion
Local Government Councils: N30.330 billion
Derivation (13%): N59.086 billion
Revenues from the EMTL amounted to N17.824 billion and were distributed as follows:
Federal Government: N2.567 billion
State Governments: N8.555 billion
Local Government Councils: N5.989 billion
Cost of Collection: N0.713 billion
Exchange difference revenue contributed N646 billion, distributed as follows:
Federal Government: N259.545 billion
State Governments: N131.644 billion
Local Government Councils: N101.493 billion
Derivation (13%): N73.318 billion
Transfers, Interventions, and Refunds: N80 billion
The communique issued after the meeting highlighted significant increases in oil and royalty revenues, excise duty, VAT, import duty, petroleum profit tax (PPT), and companies’ income tax (CIT). However, revenues from EMTL and CET levies saw a considerable decline.
The total distributable revenue of N1.411 trillion for October 2024 was sourced from statutory revenue, VAT, EMTL, and exchange difference, reflecting a robust fiscal performance during the month.
