FG, states and LGs shared N1.411 trillion allocations in October

The federal, state, and local government councils have shared a total of N1.411 trillion in October 2024 from the federation account.

This was disclosed in a message issued on Wednesday following the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The November 2024 FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State government.

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The N1.411 trillion total distributable revenue 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.

A communiqué issued by FAAC indicated that total gross revenue of N2.668 trillion was available in October 2024. The total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion.

According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024. This was higher than the N1.043 trillion received in September 2024 by N293.009 billion.

Gross revenue of N668.291 billion was available from the VAT in October 2024. This was higher than the N583.675 billion available in September 2024 by N84.616 billion.

The communiqué stated that of the N1.411 trillion total distributable revenue, the federal government received N433.021 billion, and the state governments received N490.696 billion.

The LGAs received a total of N355.621 billion, and N132.404 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

On the N206.319 billion distributable statutory revenue, the communiqué stated that the federal government received N77.562 billion and the state governments received N39.341 billion.

The local government areas received N30.330 billion, and N59.086 billion (13% of mineral revenue) was shared among the benefiting States as derivation revenue.

From the N622.312 billion distributable VAT revenue, the federal government received N93.347 billion, the State Governments received N311.156 billion and the LGAs received N217.809 billion.

A total sum of N2.567 billion was received by the FG from the N17.111 billion electronic money transfer levy. The state governments received N8.555 billion and the LGAs received N5.989 billion.

From the N566 billion exchange difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the state governments received N131.644 billion.

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The 774 LGAs received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

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