Federation Accounts Allocation Committee (FAAC) has shared N1.411 trillion to the Federal Government, States and the Local Government Councils.
The money represents the distributable portion of the N2.668 trillion Federation Account Revenue earned in the month of October.
The revenue was shared at the November 2024 meeting of the FAAC held in Bauchi and chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein.
According to a statement by Mr. Bawa Mokwa, Director of Press and Public Relations of the Office of the AGF, total deduction for cost of collection was N97.517 billion, while total transfers, interventions and refunds stood at N1.159 trillion.
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 N17.111 billion and Exchange Difference revenue of N566.000 billion.
Gross statutory revenue of N1.336 trillion was received for the month under consideration which was higher than the sum of N1.043 trillion received in the month of September 2024 by N293.009 billion.
Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in the same period, which was equally higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.
The breakdown of the N1.411 trillion total distributable revenue showed that the Federal Government received the sum of N433.021 billion and the State Governments received a total sum of N490.696 billion.
The Local Government Councils received N355.621 billion, while the sum of N132.404 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue to the oil producing states.