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Economy

FAAC Distributes ₦1.411 Trillion October Revenue Among Govt Tiers

The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦1.411 trillion as revenue for October 2024 among the Federal, State, and Local Governments.

The allocation was finalized during the November 2024 FAAC meeting in Bauchi State, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

A communiqué released after the meeting detailed the components of the distributable revenue, which included:

Statutory Revenue: ₦206.319 billion
Value Added Tax (VAT): ₦622.312 billion
Electronic Money Transfer Levy (EMTL): ₦17.111 billion
Exchange Difference Revenue: ₦566.000 billion

Revenue Distribution Breakdown

Federal Government: ₦433.021 billion
State Governments: ₦490.696 billion
Local Government Councils: ₦355.621 billion
Oil-Producing States (13% Derivation): ₦132.404 billion

Further breakdown revealed the following allocations:

1. Statutory Revenue (₦206.319 billion):

Federal Government: ₦77.562 billion
State Governments: ₦39.341 billion
Local Government Councils: ₦30.330 billion
Oil-Producing States (Derivation): ₦59.086 billion

2. VAT Revenue (₦622.312 billion):

Federal Government: ₦93.347 billion
State Governments: ₦311.156 billion
Local Government Councils: ₦217.809 billion

3. EMTL Revenue (₦17.111 billion):

Federal Government: ₦2.567 billion
State Governments: ₦8.555 billion
Local Government Councils: ₦5.989 billion

4. Exchange Difference Revenue (₦566.000 billion):

• Federal Government: ₦259.545 billion

State Governments: ₦131.644 billion
Local Government Councils: ₦101.493 billion
Oil-Producing States (Derivation): ₦73.318 billion

Gross Revenue and Deductions

The communiqué also reported a gross revenue of ₦2.668 trillion for October 2024, with the following deductions:

Cost of Collection: ₦97.517 billion
Transfers, Interventions, and Refunds: ₦1.159 trillion

Revenue Trends

Gross Statutory Revenue: ₦1.336 trillion, marking an increase of ₦293.009 billion compared to September’s ₦1.043 trillion.
VAT Revenue: ₦668.291 billion, up by ₦84.616 billion from September’s ₦583.675 billion.

Revenues from Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) experienced significant growth, while those from EMTL and CET levies saw declines.

The November FAAC meeting coincided with the 2024 National Council on Finance and Economic Development (NACOFED) hosted by Bauchi State.

FAAC Distributes ₦1.3 Trillion to Federal, State, Local Govts

Nine States Cut Wage Bills Despite Higher Allocations

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