FG, States, LGs Share N1.298 Trillion in September 2024 Revenue.
The revenue distribution was revealed during the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
A total amount of N 1.298 trillion The September 2024 Federation Accounts Revenue has been distributed to the Federal Government, States, and Local Government Councils.
The revenue distribution was revealed during the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
According to Bawa Mokwa, the Director of Press and Public Affairs in the Office of the Accountant General, the N1.298 trillion total distributable revenue included distributable statutory revenue of N124.716 billion, distributable Value Added Tax (VAT) revenue of N543.518 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.445 billion, Exchange Difference revenue of N462.191 billion, and Augmentation of N150.000 billion.
According to a communiqué published by the Federation Accounts Allocation Committee (FAAC), N2.258 trillion in total revenue will be available in September 2024. The overall deduction for collecting costs was N80.993 billion, while the total transfers, interventions, and refunds were N878.946 billion.
According to the communiqué, gross statutory revenue totalled N1.043 trillion in September 2024. This was less than the total of N1.221 trillion received in August 2024 by N177.426 billion.
In September 2024, the Value Added Tax (VAT) generated a gross revenue of N583.675 billion. This exceeded the N573.341 billion available in August 2024 by N10.334 billion.
According to the communiqué, the Federal Government received N424.867 billion of the total distributable revenue of N1.298 trillion, while the State Governments received N453.724 billion. The Local Government Councils received a total of N329.864 billion, while N90.415 billion (13% of mineral revenue) was split with the benefitting States as derivation revenue.
The communiqué claimed that the Federal Government received N43.037 billion of the N124.716 billion in distributable statutory revenue, while the State Governments received N21.829 billion. The Local Government Councils received N16.829 billion, while N43.021 billion (13% of mineral revenue) was distributed to the benefitting States as derivation revenue.
The Federal Government received N81.528 billion of the N543.518 billion distributable Value Added Tax (VAT) revenue, the State Governments received N271.759 billion, and the Local Government Councils received N190.231 billion.
The Federal Government received a total of N2.767 billion in revenue from the N18.445 billion Electronic Money Transfer Levy. The State Governments earned N9.222 billion, while Local Government Councils received N6.456 billion.
According to the communiqué, the Federal Government received N218.515 billion of the N462.191 billion Exchange Difference revenue, while the State Governments received N110.834 billion. The Local Government Councils received N85.448 billion, while N47.394 billion (13% of mineral revenue) was divided among the beneficiary States as derivation money.
The Federal Government received N79.020 billion, the State Governments received N40.080 billion, and the Local Government Council received N30.900 billion of the N150.000 billion Augmentation.
In September 2024, Oil and Gas Royalty, Excise Duty, Electronic Money Transfer Levy (EMTL), and CET Levies increased significantly, while Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT), Corporate Income Tax (CIT), and others all saw considerable drops.