By NIyi Jacobs
The Federal Government, States, and Local Government Councils have shared a total sum of N1.298 trillion for the month of September 2024. This revenue distribution was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
According to the communiqué issued by FAAC, the total revenue of N2.258 trillion was available in September 2024. However, total deductions for cost of collection, transfers, interventions, and refunds amounted to N878.946 billion, leaving a net distributable revenue of N1.298 trillion.
The breakdown of the distribution shows that the Federal Government received a total sum of N424.867 billion, while the State Governments received N453.724 billion. The Local Government Councils received N329.864 billion, and a total sum of N90.415 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Further analysis of the revenue distribution shows that the Federal Government received N43.037 billion from the distributable statutory revenue, while the State Governments received N21.829 billion. The Local Government Councils received N16.829 billion, and N43.021 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the distributable Value Added Tax (VAT) revenue of N543.518 billion, the Federal Government received N81.528 billion, the State Governments received N271.759 billion, and the Local Government Councils received N190.231 billion.
The communiqué also showed that the Federal Government received N2.767 billion from the Electronic Money Transfer Levy (EMTL) revenue, while the State Governments received N9.222 billion and the Local Government Councils received N6.456 billion.
The revenue distribution also included Exchange Difference revenue of N462.191 billion, with the Federal Government receiving N218.515 billion, the State Governments receiving N110.834 billion, and the Local Government Councils receiving N85.448 billion. A total sum of N47.394 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In addition, the Federal Government received N79.020 billion, the State Governments received N40.080 billion, and the Local Government Councils received N30.900 billion from the Augmentation revenue of N150.000 billion
