FAAC Distributes N1.298trn to FG, States, LGCs

The Federal Accounts Allocation Committee (FAAC) has shared N1.298 trillion among the Federal Government, states, and Local Government Councils (LGCs) from the revenue of September 2024.

A communique issued at the end of FAAC meeting for October held on Thursday in Abuja said N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, and distributable Value Added Tax (VAT) revenue of N543.518 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18. 445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150.000 billion.

It said that a total revenue of N2.258 trillion was available in the month of September.

“Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.

According to the communiqué, gross statutory revenue of N1.043 trillion was received in September 2024, which was lower than the sum of N1.221 trillion received in August by N177.426 billion.

It said that gross revenue of N583.675 billion was available from VAT in September, higher than the N573.341 billion available in the month of August by N10.334 billion.

“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.

“The LGCs received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

On the N124.716 billion statutory revenue, the communiqué said that the Federal Government received N43.037 billion and the state governments received N21.829 billion, while the LGCs received N16.829 billion.

It said that the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” it said.

It said that in September, Oil and Gas Royalty, Excise Duty, EMTL and CET Levies increased considerably while VAT and Import Duty increased marginally.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and others recorded significant decreases.