N1.411 trn shared in October among FG, states, LGs by FAAC 

The Federation Accounts Allocation Committee (FAAC) says it shared N1.411 trillion among the Federal Government, States and  Local Government Councils (LGCs) for October.

This is according to a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation on Wednesday in Abuja.

The communiqué said that the revenue was shared at the November meeting of FAAC held in Bauchi State and chaired by the Accountant- General of the Federation. Oluwatoyin Madein.

BRANDECONOMY reports that the FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.

According to the communiqué, the the FAAC October N1.411 trillion total revenue comprised statutory revenue of N206.319 billion, and Value Added Tax (VAT) revenue of N622.312 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566 billion.

FG, states, LGs share N1.298trn for September – FAAC

“A total gross revenue of N2.668 trillion was available in the month of October.

“Total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion,” it said.

It said that gross statutory revenue of N1.336 trillion was received for the month of October.

“This was higher than the sum of N1.043 trillion received in the month of September by N293.009 billion,” it said.

It said that gross revenue of N668.291 billion was available from VAT, which was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.

The communiqué said that from the N1.411 trillion total revenue, the Federal Government received the sum of N433.021 billion, and the state governments received N490.696 billion.

It said the LGCs received N355.621 billion, and  N132.404 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N206.319 billion distributable statutory revenue, the communiqué said that the Federal Government received N77.562 billion and the state governments received N39.341 billion.

“The LGCs received N30.330 billion, and the sum of N59.086 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that oil and gas royalty, excise duty, VAT, import duty, petroleum profit tax, and companies income tax increased significantly while EMTL and Common External Tariff (CET) levies decreased considerably.