The October 2024 Federation Accounts Revenue, totaling ₦1.411 trillion, has been allocated to the Federal Government, State Governments, and Local Government Councils (LGAs), according to the Office of the Accountant General of the Federation.
This allocation took place during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC), which was held in Bauchi State and chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation.
The meeting followed the 2024 National Council on Finance and Economic Development (NACOFED), organized by the Bauchi State Government.
The ₦1.411 trillion total distributable revenue was made up of ₦206.319 billion in statutory revenue, ₦622.312 billion from Value Added Tax (VAT), ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566.000 billion from Exchange Difference revenue.
According to a FAAC communiqué, the total gross revenue for October 2024 amounted to ₦2.668 trillion. After deductions of ₦97.517 billion for collection costs and ₦1.159 trillion for transfers, interventions, and refunds, the remaining revenue was shared among the relevant parties.
Notably, the gross statutory revenue for October 2024 was ₦1.336 trillion, reflecting an increase of ₦293.009 billion from the ₦1.043 trillion recorded in September 2024. VAT revenue saw a rise as well, with ₦668.291 billion available, up by ₦84.616 billion from the previous month’s ₦583.675 billion.
The ₦1.411 trillion total distributable revenue was distributed as follows:
– Federal Government: ₦433.021 billion
– State Governments: ₦490.696 billion
– Local Government Councils: ₦355.621 billion
– Derivation Revenue: ₦132.404 billion (13% of mineral revenue shared among benefiting states)
In terms of statutory revenue, the breakdown was:
– Federal Government: ₦77.562 billion
– State Governments: ₦39.341 billion
– Local Government Councils: ₦30.330 billion
Additionally, ₦59.086 billion (13% of mineral revenue) was allocated to states entitled to derivation revenue.
For the VAT revenue, the allocation was as follows:
– Federal Government: ₦93.347 billion
– State Governments: ₦311.156 billion
– Local Government Councils: ₦217.809 billion
From the Electronic Money Transfer Levy (EMTL) of ₦17.111 billion, the distribution was:
– Federal Government: ₦2.567 billion
– State Governments: ₦8.555 billion
– Local Government Councils: ₦5.989 billion
Lastly, the Exchange Difference revenue, totaling ₦566.000 billion, was distributed as:
– Federal Government: ₦259.545 billion
– State Governments: ₦131.644 billion
– Local Government Councils: ₦101.493 billion
States eligible for derivation revenue received ₦73.318 billion (13% of mineral revenue).
In October 2024, there were significant increases in key revenue sources, including Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT).
However, both the Electronic Money Transfer Levy (EMTL) and CET Levies saw noticeable decreases.
