FG, States, LGs share N1.411tn FAAC revenue in October

FG, States, LGs share N1.411tn FAAC revenue in October

By Fly Cable News

A total sum of N1.411 trillion, being October 2024 Federation Accounts Revenue, has been shared among the Federal Government, States and Local Government Councils. A statement by the Office of the Accountant General of the Federation on Wednesday, said the revenue was shared at 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. 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 the Federation Accounts Allocation Committee (FAAC) indicated that a total gross revenue of N2.668 trillion was available in October 2024. Total deduction for the cost of collection was N97.517 billion while total transfers, interventions and refunds were N1.159 trillion. According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024. This was higher than the sum of 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 communiqué stated that from the N1.411 trillion total distributable revenue, the Federal Government received a total sum of N433.021 billion and the State Governments received a total sum of N490.696 billion. The Local Government Councils received a total sum of N355.621 billion, and a total sum of N132.404 billion (13% of mineral revenue) was shared among 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.