A total of ₦1.411 trillion, representing the October 2024 Federation Accounts Revenue, has been distributed among the Federal Government, States, and Local Government Councils.
In a statement released on Wednesday, the Office of the Accountant General of the Federation disclosed that the revenue distribution occurred during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Bauchi State, chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation.
The FAAC meeting followed the 2024 National Council on Finance and Economic Development (NACOFED), hosted by the Bauchi State Government.
The ₦1.411 trillion distributed included ₦206.319 billion from statutory revenue, ₦622.312 billion from Value Added Tax (VAT), ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566.000 billion from Exchange Difference revenue.
A communiqué issued by FAAC revealed that the total gross revenue for October 2024 stood at ₦2.668 trillion. Deductions for the cost of collection amounted to ₦97.517 billion, while total transfers, interventions, and refunds were ₦1.159 trillion.
The gross statutory revenue for October 2024 was ₦1.336 trillion, an increase of ₦293.009 billion compared to ₦1.043 trillion in September 2024. Additionally, the gross revenue from VAT in October 2024 was ₦668.291 billion, ₦84.616 billion higher than the ₦583.675 billion recorded in September 2024.
From the ₦1.411 trillion distributable revenue, the Federal Government received ₦433.021 billion, while State Governments received ₦490.696 billion. Local Government Councils were allocated ₦355.621 billion, and ₦132.404 billion (13% of mineral revenue) was shared among beneficiary states as derivation revenue.
Of the ₦206.319 billion distributable statutory revenue, the Federal Government received ₦77.562 billion, States received ₦39.341 billion, Local Government Councils got ₦30.330 billion, and ₦59.086 billion (13% of mineral revenue) was allocated to derivation states.
From the ₦622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦93.347 billion, while the State Governments and Local Government Councils received ₦311.156 billion and ₦217.809 billion, respectively.
Out of the ₦17.111 billion Electronic Money Transfer Levy (EMTL), the Federal Government was allocated ₦2.567 billion, with the State Governments receiving ₦8.555 billion and the Local Government Councils ₦5.989 billion.
For the ₦566.000 billion Exchange Difference revenue, the Federal Government received ₦259.545 billion, the State Governments ₦131.644 billion, and the Local Government Councils ₦101.493 billion. Additionally, ₦73.318 billion (13% of mineral revenue) was distributed among the benefiting states as derivation revenue.
The communiqué further highlighted that in October 2024, revenue streams such as Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) recorded significant increases. However, revenues from the Electronic Money Transfer Levy (EMTL) and CET Levies experienced notable declines.