FG, states, LGAs share N1.411trn revenue in October

The federal, state, and local government councils shared a total of N1.411 trillion in October 2024 from the federation accounts, the Office of the Accountant General of the Federation has disclosed.

The revenue was disbursed to the three arms of government as the Federation Accounts Allocation Committee (FAAC) held its November 2024 meeting in Bauchi State.

Chaired by Oluwatoyin Madein, the accountant-general of the federation, the FAAC meeting followed the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State government.

\The N1.411 trillion shared comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.

FAAC, in a communiqué, said that total gross revenue of N2.668 trillion was available as of October 2024, noting that the total deduction for the cost of collection was N97.517 billion while total transfers, interventions, and refunds stand at N1.159 trillion.

The committee also noted that gross statutory revenue of N1.336 trillion was received for the month of October 2024, exceeding the N1.043 trillion received in September 2024 by N293.009 billion.

“Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024. This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion,” the FAAC noted.

From the N1.411 trillion total distributable revenue, FAAC explained that the federal government received a total of N433.021 billion while state governments received a total of N490.696 billion.

further clarify the sharing, the allocation committee said local government councils received a total of N355.621 billion, allowing for N132.404 billion — 13 percemt of mineral revenue, which was disbursed as derivation revenue to the benefiting states.

On the N206.319 billion distributable statutory revenue, FAAC in its communique stated that, “The Federal Government received N77.562 billion and the State Governments received N39.341 billion.

“The Local Government Councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.”

Moreso, from the N622.312 billion distributable VAT revenue, the federal government received N93.347 billion, while the state governments and local councils received N311.156 billion and N217.809 billion respectively.

Furthermore, the Electronic Money Transfer Levy (EMTL) generated a total of N17.111 billion in revenue. Out of the above sum, a total of N2.567 billion was received by the federal government, leaving the state governments and local councils with N8.555 billion N5.989 billion respectively.

“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,” the allocation committee further stated.

The above details showed that 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.