THE NATION
The Federation Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the Federal, State and Local Governments as revenue for September 2024.
This was disclosed at the end of the October 2024 FAAC meeting in Abuja on Thursday.
The total distributable revenue comprises several components: N124.716 billion in statutory revenue, N543.518 billion in Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an augmentation of N150 billion.
A communiqué from the FAAC meeting noted the total available revenue for September 2024 stood at N2.258 trillion.
Of this, N80.993 billion was deducted for cost of collection while N878.946 billion went toward transfers, interventions and refunds.
In September, gross statutory revenue amounted to N1.043 trillion, a decrease of N177.426 billion compared to August’s figure of N1.221 trillion. However, VAT revenue rose to N583.675 billion, up by N10.334 billion from August’s N573.341 billion.
From the total distributable revenue, the Federal Government received N424.867 billion, State Governments received N453.724 billion and Local Government Councils received N329.864 billion.
N90.415 billion was also distributed to oil-producing states as derivation revenue (13% of mineral revenue).
Breaking down the components, from the N124.716 billion statutory revenue, the Federal Government received N43.037 billion, States N21.829 billion, Local Governments N16.829 billion and N43.021 billion was shared as derivation revenue.
READ THE FULL STORY IN THE NATION
