The Federal Government, States, and Local Government Councils (LGCs) have shared a total of N1.411 trillion as revenue for October 2024. The distribution took place during the Federation Accounts Allocation Committee (FAAC) meeting held in Bauchi State, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
This FAAC meeting coincided with the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
The distributable revenue of N1.411 trillion comprised statutory revenue (N206.319 billion), Value Added Tax (VAT) revenue (N622.312 billion), Electronic Money Transfer Levy (N17.111 billion), and Exchange Difference revenue (N566 billion).
Gross revenue for October totaled N2.668 trillion, reflecting higher inflows across key sources like VAT, Oil and Gas Royalty, Import Duty, and Companies Income Tax. Total deductions for collection costs and interventions amounted to N1.257 trillion.
Breakdown of Distributions:
Federal Government: N433.021 billion
States: N490.696 billion
Local Government Councils: N355.621 billion
Mineral Derivation (13%): N132.404 billion
Notably, October’s gross statutory revenue of N1.336 trillion exceeded September’s figure by N293.009 billion, while VAT collections rose by N84.616 billion to N668.291 billion.
This significant increase in revenue was driven by higher collections across Oil and Gas Royalty, Excise Duty, Petroleum Profit Tax, and Corporate Income Tax. However, Electronic Money Transfer Levy (EMTL) and CET Levies recorded declines.
The Federal Government received N77.562 billion from statutory revenue, N93.347 billion from VAT, and N259.545 billion from Exchange Difference revenue, among other allocations. State and local governments also received proportionate shares.
This distribution underscores the government’s efforts to stabilize the fiscal landscape amidst varying economic challenges.
