FG, states,LGs share N1.411 trillion in FAAC revenue.
In October, the federal government, states, and local government councils earned N1.411 trillion from the October 2024 Federation Accounts revenue.
The Office of the Accountant General of the Federation announced in a statement on Wednesday that the Accountant General of the Federation presided over the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Bauchi State and shared revenue. Doctor Oluwatoyin Madein.
The Bauchi State Government hosted the 2024 National Council on Finance and Economic Development (NACOFED), which came before the November 2024 FAAC meeting.
The overall distributable revenue of N1.411 trillion was made up of N206.319 billion in distributable statutory income, N622.312 billion in distributable Value Added Tax (VAT), N17.111 billion in Electronic Money Transfer Levy (EMTL), and N566.000 billion in exchange difference revenue.
The Federation Accounts Allocation Committee (FAAC) issued a communiqué suggesting that a total gross revenue of N2.668 trillion was available in October 2024.
The entire deductions for collecting costs were N97.517 billion, while the total transfers, interventions, and refunds were N1.159 trillion.
The communiqué notes that the gross statutory revenue for October 2024 was N1.336 trillion. This exceeded the total of N1.043 trillion received in September 2024 by N293.009 billion.
In October 2024, the Value Added Tax (VAT) generated N668.291 billion in gross income. This totalled N84.616 billion, over the N583.675 billion available in September 2024.
According to the communiqué, the Federal Government received N433.021 billion of the N1.411 trillion in total distributable revenue, while the State Governments received N490.696 billion.
The Local Government Councils earned a total of N355.621 billion, while the beneficiary states split N132.404 billion (13% of mining revenue) in derivation payments.
Regarding the N206.319 billion distributable statutory revenue, the communiqué indicated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.
The benefited states allocated N59.086 billion, or 13% of the mining earnings, to the Local Government Councils.
The Federal Government received N93.347 billion of the N622.312 billion distributable Value Added Tax (VAT) revenue, State Governments received N311.156 billion, and Local Government Councils received N217.809 billion.
The N17.111 billion Electronic Money Transfer Levy (EMTL) generated N2.567 billion in revenue for the federal government. The state governments earned N8.555 billion, while local government councils received N5.989 billion.
According to the communiqué, the Federal Government received N259.545 billion of the N566.000 billion exchange difference earnings, while the State Governments received N131.644 billion.
The benefited states shared N73.318 billion (13% of mineral revenue) in derivation money, while Local Government Councils received N101.493 billion.
In October 2024, oil and gas royalty, excise duty, value-added tax (VAT), import duty, petroleum profit tax (PPT), and corporate income tax (CIT) all climbed dramatically, but electronic money transfer levy (EMTL) and CET charges fell greatly.