The Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.298 trillion in revenue for September 2024, shared among the federal, state, and local governments.
This was disclosed during the recent October 2024 FAAC meeting held in Abuja.
The breakdown of the distributable revenue includes N124.716 billion from statutory revenue, N543.518 billion from value added tax (VAT), N18.445 billion from the electronic money transfer levy (EMTL), N462.191 billion from exchange difference revenue, and N150.000 billion as augmentation.
A recent communiqué issued by FAAC revealed that the total revenue available for September 2024 was N2.258 trillion, of which N80.993 billion was deducted for collection costs and N878.946 billion for transfers, interventions, and refunds. Gross statutory revenue for the month amounted to N1.043 trillion, which is N177.426 billion lower than the N1.221 trillion collected in August 2024.
In terms of VAT revenue, N583.675 billion was collected in September, an increase of N10.334 billion from August’s figure of N573.341 billion.
From the N1.298 trillion total distributable revenue, the federal government received N424.867 billion, state governments received N453.724 billion, and local government councils received N329.864 billion. Additionally, N90.415 billion, representing 13% of mineral revenue, was distributed to the benefiting states.
Breaking down the distributable statutory revenue of N124.716 billion, the federal government received N43.037 billion, state governments received N21.829 billion, and local government councils received N16.829 billion, with N43.021 billion shared to the mineral-revenue states.
For the N543.518 billion in VAT revenue, the federal government took N81.528 billion, state governments received N271.759 billion, and local governments were allocated N190.231 billion. Similarly, the N18.445 billion from EMTL was split, with the federal government receiving N2.767 billion, the state governments N9.222 billion, and local governments N6.456 billion.
Regarding the N462.191 billion in Exchange Difference revenue, the federal government collected N218.515 billion, state governments N110.834 billion, and local governments N85.448 billion, while N47.394 billion was distributed as mineral revenue to eligible states.
Lastly, from the N150.000 billion augmentation, the federal government secured N79.020 billion, state governments received N40.080 billion, and local government councils were allocated N30.900 billion.
Revenue sources such as oil and gas royalty, excise duty, EMTL, and CET Levies saw significant increases in September, while VAT and import duty recorded marginal gains. In contrast, petroleum profit tax (PPT) and companies income tax (CIT) saw substantial declines.
