Abuja, Nigeria – The Federal Government, states, and Local Government Areas (LGAs) have collectively shared N1.41 trillion as revenue for October 2024, marking an 8.7% increase compared to the N1.298 trillion distributed in September.
This was disclosed on Wednesday in a press statement by Mr. Bawa Mokwa, the Director of Press and Public Relations, Office of the Accountant-General of the Federation, following the Federation Accounts Allocation Committee (FAAC) meeting held in Bauchi State.
The meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, followed the 2024 National Council on Finance and Economic Development conference, hosted by the Bauchi State Government.
Breakdown of Revenue according to fAAC
According to the statement, the total gross revenue available for October 2024 stood at N2.668 trillion, reflecting an increase from N2.258 trillion in September. However, after deducting N97.517 billion for collection costs and allocating N1.159 trillion for transfers, interventions, and refunds, the net distributable revenue was N1.411 trillion.
The breakdown of the distributable revenue includes:
- Statutory Revenue: N206.319 billion
- Value Added Tax (VAT) Revenue: N622.312 billion
- Electronic Money Transfer Levy: N17.111 billion
- Exchange Difference Revenue: N566 billion
- Allocation to Tiers of Government
From the total N1.411 trillion distributable revenue:
- The Federal Government received N433.021 billion.
- State Governments received N490.696 billion.
- Local Government Councils received N355.621 billion.
- Oil-producing states received N132.404 billion as 13% derivation from mineral revenue.
- Statutory Revenue
- Out of the N206.319 billion statutory revenue, the Federal Government was allocated N77.562 billion, states received N39.341 billion, LGAs got N30.330 billion, and oil-producing states received N59.086 billion as derivation.
VAT Revenue
From the N622.312 billion VAT revenue:
- The Federal Government received N93.347 billion.
- States were allocated N311.156 billion.
- LGAs received N217.809 billion.
- Electronic Money Transfer Levy
The N17.111 billion generated from the Electronic Money Transfer Levy was distributed as follows:
- Federal Government: N2.567 billion
- States: N8.555 billion
- LGAs: N5.989 billion
Exchange Difference Revenue
The N566 billion Exchange Difference Revenue was distributed as:
- Federal Government: N259.545 billion
- States: N131.644 billion
- LGAs: N101.493 billion
- Oil-producing states: N73.318 billion as derivation
Revenue Trends
The statement highlighted significant increases in revenue streams, including Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax, and Companies Income Tax. However, there were declines in revenue from the Electronic Money Transfer Levy and CET Levies.
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