The Federation Account Allocation Committee (FAAC) has distributed a total of N1.298 trillion among the Federal Government, State Governments, and Local Government Councils from the September 2024 Federation Account revenues.
In a statement released last night, Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, detailed the sources of the distributable revenue. The total included N124.716 billion from statutory sources and N543.518 billion from Value Added Tax (VAT) collections.
Other contributions to the shared revenue came from the Electronic Money Transfer Levy (EMTL), which generated N18.445 billion, an Exchange Difference revenue of N462.191 billion, and an augmentation of N150 billion.
For September 2024, the total available revenue amounted to N2.258 trillion. Deductions for the cost of collection stood at N80.993 billion, while transfers, interventions, and refunds accounted for N878.946 billion.
The gross statutory revenue for September 2024 reached N1.043 trillion, which represents a decrease of N177.426 billion compared to the N1.221 trillion recorded in August 2024. Conversely, gross VAT revenue saw an increase to N583.675 billion in September, up by N10.334 billion from August’s N573.341 billion.
Of the N1.298 trillion distributed, the allocations were as follows:
- Federal Government: N424.867 billion
- State Governments: N453.724 billion
- Local Government Councils: N329.864 billion
Additionally, N90.415 billion, representing 13% of mineral revenue, was allocated to oil-producing states as derivation revenue.
From the N124.716 billion in distributable statutory revenue:
- Federal Government: N43.037 billion
- State Governments: N21.829 billion
- Local Government Councils: N16.829 billion
- Oil-producing states: N43.021 billion as derivation revenue.
In terms of the N543.518 billion VAT revenue:
- Federal Government: N81.528 billion
- State Governments: N271.759 billion
- Local Government Councils: N190.231 billion
Lastly, from the N18.445 billion generated from the EMTL, the allocations were:
- Federal Government: N2.767 billion
- State Governments: N9.222 billion
- Local Governments: N6.456 billion.
