The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.298 trillion to the federal, state, and local governments as revenue for September 2024.
A statement signed by the Director of Information and Public Relations, Federal Ministry Finance, Mohammed Manga, said the distribution, drawn from a gross total of N2.298 trillion.
According to him, the October 2024 meeting was chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
“The allocation breakdown includes N424.867 billion for the Federal Government, N453.724 billion for states, N329.864 billion for Local Government Councils (LGCs), and N90.415 billion as derivation revenue (13% of mineral revenue) to oil-producing states. N80.993 billion was allocated for collection costs, while N878.946 billion went toward transfers, interventions, and refunds,” Manga stated.
He added,”The Value Added Tax (VAT) revenue for September was N583.675 billion, an increase over August’s N573.341 billion. After deducting N23.347 billion for collection costs and N16.810 billion for transfers, the remaining N543.518 billion was shared among the three government tiers. The Federal Government received N81.258 billion, states received N271.759 billion, and local governments got N190.231 billion.
“Gross statutory revenue for the month totaled N1.043 trillion, marking a decrease of N177.426 billion from August’s N1.221 trillion. From this, N56.878 billion went to collection costs, and N862.136 billion was allocated for transfers, interventions, and refunds.
“The remaining N124.718 billion was distributed to the government levels, with the Federal Government receiving N43.037 billion, states getting N21.829 billion, local governments N16.829 billion, and oil-producing states N43.021 billion in derivation revenue.”
Manga further disclosed that the Electronic Money Transfer Levy (EMTL) contributed N19.213 billion, allocated as follows: N2.767 billion to the Federal Government, N9.222 billion to states, N6.456 billion to LGCs, and N0.768 billion for collection costs.
In addition, he stated that N462.191 billion from the Exchange Difference was shared, with the Federal Government receiving N218.515 billion, states N110.834 billion, LGCs N85.448 billion, and oil-producing states
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