The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion as revenue for October 2024 among the Federal Government, State, and Local Government Councils.

The allocation was finalised at the November 2024 FAAC meeting held in Bauchi State, presided over by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

A communiqué issued after the meeting detailed that the N1.411 trillion distributable revenue comprised statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion, and Exchange Difference revenue of N566.000 billion.

From this amount, the Federal Government received N433.021 billion, State Governments received N490.696 billion, and Local Government Councils received N355.621 billion, while N132.404 billion, representing 13 percent of mineral revenue, was allocated to oil-producing states as derivation revenue.

The statutory revenue of N206.319 billion was shared among the Federal Government, which received N77.562 billion; State Governments, which received N39.341 billion; and Local Government Councils, which received N30.330 billion. An additional N59.086 billion was allocated to oil-producing states as derivation revenue.

From the N622.312 billion VAT revenue, the Federal Government received N93.347 billion, State Governments received N311.156 billion, and Local Government Councils received N217.809 billion.

The EMTL revenue of N17.111 billion was distributed with the Federal Government receiving N2.567 billion, State Governments N8.555 billion, and Local Government Councils N5.989 billion.

The Exchange Difference revenue of N566.000 billion was shared with the Federal Government receiving N259.545 billion, State Governments N131.644 billion, and Local Government Councils N101.493 billion, while N73.318 billion went to oil-producing states as derivation revenue.

The communiqué also revealed a gross revenue of N2.668 trillion for October 2024, with deductions for the cost of collection amounting to N97.517 billion and N1.159 trillion set aside for transfers, interventions, and refunds.
Gross statutory revenue for October stood at N1.336 trillion, higher than the N1.043 trillion collected in September by N293.009 billion. Similarly, VAT revenue for October increased by N84.616 billion, reaching N668.291 billion compared to September’s figure of N583.675 billion.

Revenues from Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw significant increases, while revenues from the EMTL and CET levies recorded considerable declines.

The November 2024 FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED), hosted by the Bauchi State Government.