The Federation Accounts Allocation Committee (FAAC) has distributed N1.411 trillion among the Federal Government, States, and Local Government Councils (LGCs) for October.
This was contained in a communiqué from FAAC, signed by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, on Wednesday in Abuja.
KEY FIGURES:
Source:
Statutory Revenue: N206.319 billion
Value Added Tax (VAT): N622.312 billion
Electronic Money Transfer Levy (EMTL): N17.111 billion
Exchange Difference Revenue: N566 billion
Derivation, (13% of Mineral Revenue): N132.404 Billion
Distribution: What Each Tier Got
Federal Government: N433.021 billion
State Governments: N490.696 billion
Local Government Councils: N355.621 billion
Derivation Revenue to oil-bearing states (13% of mineral revenue): N132.404 billion
For the distributable statutory revenue of N206.319 billion:
Federal Government: N77.562 billion
State Governments: N39.341 billion
Local Government Councils: N30.330 billion
VAT generated in states across Nigeria (August 2024)
- Lagos: N249.77bn
- Rivers: N70.54bn
- Oyo: N20.11bn
- FCT: N18.17bn
- Delta: N13.09bn
- Bayelsa: N7.12bn
- Kano: N4.65bn
- Akwa Ibom: N4.49bn
- Anambra: N4.28bn
- Edo: N4.05bn
- Ekiti: N3.66bn
- Borno: N3bn
- Kwara: N2.89bn
- Adamawa: N2.59bn
- Plateau: N2.58bn
- Benue: N2.56bn
- Gombe: N2.55bn
- Kogi: N2.43bn
- Kaduna: N2.03bn
- Ebonyi: N1.90bn
- Taraba: N1.88bn
- Sokoto: N1.84bn
- Osun: N1.81bn
- Ogun: N1.74bn
- Niger: N1.73bn
- Yobe: N1.71bn
- Katsina: N1.68bn
- Jigawa: N1.59bn
- Nasawawa: N1.47bn
- Ondo: N1.45bn
- Enugu: N1.08bn
- Cross River: N1.08bn
- Bauchi: N691.28m
- Kebbi: N665.17m
- Abia: N663.42m
- Zamfara: N432.80m
- Imo: N235.41m
According to the communiqué, the revenue was shared at the November FAAC meeting held in Bauchi State and chaired by the Accountant-General of the Federation, Oluwatoyin Madein.
The FAAC meeting was conducted following the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
The communiqué detailed that the N1.411 trillion total revenue comprised statutory revenue of N206.319 billion and Value Added Tax (VAT) revenue of N622.312 billion. It also included Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion and Exchange Difference revenue of N566 billion.
“A total gross revenue of N2.668 trillion was available in October. Total deductions for the cost of collection amounted to N97.517 billion, while total transfers, interventions, and refunds were N1.159 trillion,” the communiqué stated.
It noted that the gross statutory revenue received in October was N1.336 trillion, an increase of N293.009 billion from the N1.043 trillion received in September. Additionally, the gross revenue from VAT was N668.291 billion, which was higher than the N583.675 billion recorded in September 2024 by N84.616 billion.
From the N1.411 trillion total revenue, the Federal Government received N433.021 billion, while the state governments received N490.696 billion. The LGCs were allocated N355.621 billion, and N132.404 billion (13% of mineral revenue) was distributed to the benefiting states as derivation revenue.
Regarding the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion, and the state governments received N39.341 billion. The LGCs received N30.330 billion, and N59.086 billion (13% of mineral revenue) was allocated to the benefiting states as derivation revenue.
The communiqué also highlighted significant increases in oil and gas royalty, excise duty, VAT, import duty, petroleum profit tax, and companies’ income tax, while EMTL and Common External Tariff (CET) levies decreased considerably.
