The Federation Account Allocation Committee (FAAC) has announced the disbursement of N1.41 trillion among the federal, state, and local governments for October 2024, marking an increase of N113 billion from the N1.29 trillion shared in September.
The allocation was disclosed in a communique issued on Wednesday after the FAAC’s monthly meeting chaired by the Accountant-General of the Federation, Oluwatoyin Madein.
The meeting followed the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
According to the communique, the total gross revenue for October stood at N2.668 trillion.
The distributable revenue comprised gross statutory revenue (N206.319 billion), value-added tax (VAT) revenue (N622.312 billion), electronic money transfer levy (N17.111 billion), and exchange difference (N566 billion)
From the N1.41 trillion distributed, the federal government received N433.021 billion, while the states and local government councils got N490.696 billion and N355.621 billion, respectively.
Oil-producing states were allocated N132.404 billion as 13% derivation from mineral revenue.
Additionally, N97.517 billion was allocated for the cost of collection, and N1.159 trillion was earmarked for transfers, interventions, and refunds.
The gross VAT revenue for October rose by 14.4%, totaling N668.291 billion, compared to N583.676 billion in September.
After deducting N26.732 billion for the cost of collection and N19.247 billion for transfers and interventions, the remaining N622.312 billion was shared among the three tiers of government.
The federal government received N93.347 billion, states got N311.156 billion, and local government councils were allocated N217.809 billion.
Gross statutory revenue for October was N1.336 trillion, up by N293.009 billion from N1.043 trillion in September.
Of this amount, N206.319 billion was shared after deductions for the cost of collection and transfers.
The federal government received N77.562 billion, states got N39.341 billion, local government councils were allocated N30.330 billion, and N59.086 billion was disbursed as 13% derivation for oil-producing states.
The sum of N17.824 billion from the EMTL was also shared among the tiers of government.
The federal government received N2.567 billion, states were allocated N8.555 billion, and local government councils got N5.989 billion, with N0.713 billion deducted for the cost of collection.
From the N646 billion generated from the exchange difference, the federal government received N259.545 billion, states got N131.644 billion, and local government councils were allocated N101.493 billion.
Oil-producing states were given N73.318 billion, while N80 billion went toward transfers, interventions, and refunds.
FAAC attributed the increase in revenue to significant improvements in oil royalties, excise duties, VAT, import duties, petroleum profit tax (PPT), and companies’ income tax (CIT).
However, revenues from the electronic money transfer levy and CET levies recorded declines.
The committee emphasized the importance of these revenues in addressing financial obligations and supporting developmental initiatives across the country.
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