- Delta, Akwa Ibom, Bayelsa, Others Get Additional N47.397billion
By Abiola Olawale
On Friday, the Federation Account Allocation Committee (FAAC) announced that it allocated a total of N1.29 trillion among the three tiers of government for September 2024.
This allocation was said to be drawn from a gross total of N2.298 trillion, indicating a significant increase of N95 billion compared to the N1.203 trillion shared in August.
In a statement on Friday, the Ministry of Finance said the FAAC announced the disbursements at its October meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
FAAC said the N1.29 trillion distributable revenue comprised gross statutory revenue, value-added tax (VAT), electronic money transfer levy (EMTL), exchange difference (ED) and augmentation of N150.000 billion, respectively.
A breakdown of the financial data revealed that the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion for Derivation (13% of Mineral Revenue).
“The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds,” the statement added.
Also, the statement revealed that gross revenue available from the VAT increased to N583.675 billion in September, from the N573.341 billion distributed in the preceding month.
From the amount, the committee said, the sum of N23.347 billion was allocated for the cost of collection, while N16.810 billion was given for transfers, intervention and refunds.
According to FAAC, the remaining N543.518 billion was distributed to the three tiers of government, with the federal government receiving N81.258 billion, while states and local government councils got N271.759 billion and N190.231 billion, respectively.
The committee also said the gross statutory revenue of N1.043 trillion was received in the month reviewed — lower than N1.221 trillion recorded in August by N177.426 billion (14.5).
The statement continued: “From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.
“The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).
“Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.”
A communique issued thereafter noted that out of the exchange difference of N462.191 billion, the federal government got N218.515 billion, states were given N110.834 billion, and local governments received N85.448 billion.
About N47.394 billion in derivation revenue was shared among oil-producing states, the committee said.
The FAAC said the augmentation revenue of N150.000 billion was shared between the federal government (N70.020 billion), states (N40.080 billion) and local governments (N30.900 billion).
