From News Editor
The Federation Account Allocation Committee (FAAC) has shared 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 issued last night, Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, explained that the total distributable revenue included N124.716 billion from statutory sources and N543.518 billion from Value Added Tax (VAT) collections.
Other sources contributing to the shared revenue were the Electronic Money Transfer Levy (EMTL) at N18.445 billion, Exchange Difference revenue of N462.191 billion, and an Augmentation of N150 billion.
For September 2024, 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 was N1.043 trillion, which was N177.426 billion lower than the N1.221 trillion received in August 2024. However, gross VAT revenue increased to N583.675 billion in September 2024, up by N10.334 billion from August’s N573.341 billion.
Of the N1.298 trillion distributed, the Federal Government received N424.867 billion, State Governments received N453.724 billion, and Local Government Councils received N329.864 billion. A further 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, the Federal Government received N43.037 billion, State Governments N21.829 billion, and Local Government Councils N16.829 billion. Oil-producing states received N43.021 billion as derivation revenue.
In terms of the N543.518 billion VAT revenue, the Federal Government was allocated N81.528 billion, State Governments N271.759 billion, and Local Government Councils N190.231 billion.
Additionally, the N18.445 billion from the EMTL was shared with the Federal Government receiving N2.767 billion, State Governments N9.222 billion, and Local Governments N6.456 billion.
From the N462.191 billion Exchange Difference revenue, the Federal Government received N218.515 billion, State Governments N110.834 billion, Local Governments N85.448 billion, and oil-producing states N47.394 billion as derivation. {Vanguard News}
