BY COBHAM NSA – The Federation Accounts Allocation Committee (FAAC) has distributed a total sum of N1.411 trillion to the Federal Government, States and the Local Government Councils as October 2024 revenue.
The N1.411 trillion total distributable revenue include statutory revenue of N206.319 billion, Value Added Tax (VAT) of N622.312 billion, Electronic Money Transfer Levy (EMTL) of N17.111billion and Exchange Difference of N566.000 billion.
This figure was released at the November 2024 FAAC meeting held in Bauchi State and chaired by the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein.
A communiquรฉ issued by FAAC indicated that total gross revenue of N2.668 trillion was available in the month of October 2024 with total deduction for cost of collection being N97.517 billion while total transfers, interventions and refunds came to N1.159 trillion.
Furthermore, the communiquรฉ explained that gross statutory revenue of N1.336 trillion was received for the month of October 2024, representing a higher figure than the sum of N1.043 trillion gotten in the month of September 2024 by N293.009 billion.
Similarly, the gross revenue of N668.291 billion was available from VAT in October 2024, also representing a higher figure than the N583.675 billion available in the month of September 2024 by N84.616 billion.
According to the communiquรฉ, from the N1.411 trillion total distributable revenue, the Federal Government received total sum of N433.021 billion, the State Governments got a total sum of N490.696 billion, and the total sum of N355.621 billion went to the Local Government Councils while a total sum of N132.404 billion, being 13 percent of mineral revenue was shared among benefiting States as derivation income.
Further breakdown of the figures showed that of the N206.319 billion distributable statutory revenue, the Federal Government received N77.562 billion, the State Governments got N39.341 billion, the Local Government Councils received N30.330 billion with the sum of N59.086 billion shared to the benefiting States as 13 percent mineral derivation revenue.
Also from the N622.312 billion VAT revenue, the Federal Government got N93.347 billion, the State Governments got N311.156 billion while the Local Government Councils received N217.809 billion.
Additionally, N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL) with the State Governments receiving N8.555 billion and the Local Government Councils getting N5.989 billion.
The Communique also explained that from the N566.000 billion Exchange Difference revenue, the Federal Government got N259.545 billion, the State Governments received N131.644 billion, and the Local Government Councils bagged N101.493 billion, with N73.318 billion shared to benefiting States as 13 percent mineral derivation revenue.
Overall, the month of October 2024 witnessed significant increases in Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) while Electronic Money Transfer Levy (EMTL) and CET Levies recorded considerable drop in their inflows.
Meanwhile a statement by Bawa Mokwa, the Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF), stated that the November 2024 FAAC meeting took place after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
