The Federation Account Allocation Committee (FAAC) has announced a comprehensive revenue distribution of N1.411 trillion to Nigeria’s three tiers of government for October 2024.
According to an official statement signed by Mohammed Manga, spokesperson for the Ministry of Finance, the funds were distributed during a meeting chaired by the Accountant General of the Federation, Oluwatoyin Madein, in Bauchi.
“The allocation represents a diverse revenue collection from multiple sources, including Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference,” Manga explained.
Breaking down the intricate financial distribution, the federal government received N433.021 billion, state governments were allocated N490.696 billion, and local government councils secured N355.621 billion.
A notable highlight of the allocation was the derivation payment of N132.404 billion to oil-producing states, representing 13 percent of Mineral Revenue.
“The Value Added Tax component witnessed a remarkable increase, rising from N583.676 billion in the previous month to N668.291 billion,” the finance ministry spokesperson revealed.
The VAT distribution was strategically allocated with the federal share standing at N93.347 billion, states receiving N311.156 billion, and local government councils obtaining N217.809 billion.
The total Statutory Revenue for October reached N1.336 trillion, marking a substantial increase of N293.009 billion from the previous month’s N1.043 trillion. From this amount, N70.072 billion was designated for collection costs, while N1.060 trillion was allocated for transfers, interventions, and refunds.
An additional N17.824 billion was distributed through Electronic Money Transfer Levy (EMTL), with the federal government receiving N2.567 billion, states getting N8.555 billion, and local governments securing N5.989 billion.
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The Exchange Differences allocation amounted to N646.000 billion, with the federal government receiving the largest share of N259.545 billion, followed by N131.644 billion for states and N101.493 billion for local government councils.
“The revenue sources such as Oil and Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax, and Companies Income Tax demonstrated significant increases,” Manga noted.
