- FG Rakes N433.2bn, States N490bn and LGs, N355bn
- Bayelsa, A/Ibom, Delta, Others Get N132bn extra
By Abiola Olawale
In October 2024, a total sum of N1.411 trillion from the Federation Accounts Revenue was distributed among the Federal Government, States, and Local Government Councils, respectively.
According to a statement from the Office of the Accountant General of the Federation, the revenue sharing took place during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC), which was held in Bauchi State and chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation.
The November 2024 FAAC meeting was held at the end of the 2024 National Council on Finance and Economic Development (NACOFED) which was hosted by the Bauchi State Government.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) revealed that the N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.
The communique also revealed that a total gross revenue of N2.668 trillion was available in October 2024.
The total deduction for the cost of collection was N97.517 billion, while total transfers, interventions and refunds were N1.159 trillion.
According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024. This was higher than the sum of N1.043 trillion received in September 2024 by N293.009 billion.
Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024. This was higher than the N583.675 billion available in September 2024 by N84.616 billion.
From the N1.411 trillion total distributable revenue, the Federal Government received a total sum of N433.021 billion and the State Governments received a total sum of N490.696 billion.
The Local Government Councils received a total sum of N355.621 billion, and a total sum of N132.404 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue.
On the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.
The Local Government Councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared among the benefiting States as derivation revenue.
From the N622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.
A total sum of N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL). The State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.
From the N566.000 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.
The Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue.
In October 2024, Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) increased significantly while Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably.
