The Federation Account Allocation Committee (FAAC) has distributed N1.298 trillion to the Federal Government, state governments, and Local Government Councils (LGCs) for September 2024. This was revealed in a communiqué issued after FAAC’s October meeting in Abuja.
According to Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), the disbursed revenue included N124.716 billion in statutory revenue, N543.518 billion from Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an additional N150 billion as augmentation.
The total available revenue for the month was N2.258 trillion, with N80.993 billion deducted for the cost of collection and N878.946 billion allocated for transfers, interventions, and refunds.
The Federal Government received N424.867 billion, while state governments were allocated N453.724 billion. The LGCs were given N329.864 billion, and oil-producing states received N90.415 billion, representing 13% of mineral revenue.
Despite a decline in gross statutory revenue, which stood at N1.043 trillion compared to August’s N1.221 trillion, VAT revenue slightly increased, rising to N583.675 billion in September.
The communiqué also noted significant increases in revenues from Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, while VAT and Import Duty showed marginal growth.
However, revenues from petroleum profit tax (PPT), company income tax (CIT), and other sources experienced declines.
