FAAC Allocates N1.411 Trillion to States, LGAs, and Federal Government for October 2024

The Federation Account Allocation Committee (FAAC) shared a total sum of N1.411 trillion to the three tiers of government as Federation Allocation for the month of October 2024, from a gross total of N2.668 trillion.

The federal government received N433.021 billion, the states received N490.696 billion, the Local Government Councils (LGCs) received N355.621 billion, while the oil-producing states received N132.404 billion as derivation (13 percent of Mineral Revenue).

From the N2.668 trillion, which included Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the sum of N97.517 billion was allocated for the cost of collection, while N1.159 trillion was designated for Transfers, Intervention, and Refunds.

A communique issued by the Committee indicated that the gross revenue available from VAT for the month of October 2024 was N668.291 billion, compared to N583.676 billion distributed in the previous month, resulting in an increase of N84.616 billion.

From that amount, the sum of N26.732 billion was allocated for the cost of collection, and N19.247 billion was allocated for transfers, intervention, and refunds.

The remaining sum of N622.312 billion was distributed to the three tiers of government: the Federal Government received N93.347 billion, the States received N311.156 billion, and Local Government Councils received N217.809 billion.

The Gross Statutory Revenue for the month was N1.336 trillion, higher than the N1.043 trillion received in the previous month by N293.009 billion.

From this, N70.072 billion was allocated for the cost of collection, and a total sum of N1.060 trillion was allocated for Transfers, Intervention, and Refunds.

The remaining balance of N206.319 billion was distributed as follows: the federal government received N77.562 billion, states received N39.341 billion, Local Government Councils received N30.330 billion, and N59.086 billion was allocated for Derivation Revenue (13 percent of mineral-producing states).

Additionally, the sum of N17.824 billion from the Electronic Money Transfer Levy was distributed as follows: the federal government received N2.567 billion, states received N8.555 billion, local government councils received N5.989 billion, and N0.713 billion was allocated for the cost of collection.

From the sum of N646.000 billion from Exchange Difference, the federal government received N259.545 billion, states received N131.644 billion, Local Government Councils received N101.493 billion, N73.318 billion was allocated for derivation (13 percent of mineral revenue), and N80.000 billion was allocated for transfers, interventions, and refunds.

According to the communique, Oil and Royalty, Excise Duty, Value Added Tax, Import Duty, Petroleum Profit Tax, and Companies Income Tax all saw significant increases, while Electronic Money Transfer Levy and CET Levies decreased considerably.

The total revenue distributable for October 2024 was drawn from Statutory Revenue of N206.319 billion, VAT of N622.312 billion, N17.111 billion from Electronic Money Transfer Levy, and N566.000 billion from Exchange Difference, bringing the total distributable amount for the month to N1.411 trillion.