The Federation Account Allocation Committee (FAAC) has distributed a total of N1.298 trillion from the September 2024 Federation Account revenues to the Federal Government, State Governments, and Local Government Councils.
In a statement released last night, Mr. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, detailed the allocation process.
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The total distributable revenue consisted of N124.716 billion from statutory sources and N543.518 billion generated from Value Added Tax (VAT) collections.
Other contributing revenue sources included N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an additional N150 billion in Augmentation.
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For September 2024, the total available revenue reached N2.258 trillion, with deductions for collection costs amounting to N80.993 billion and transfers, interventions, and refunds totaling N878.946 billion.
The gross statutory revenue for September stood at N1.043 trillion, which was N177.426 billion less than the N1.221 trillion recorded in August 2024.
In contrast, gross VAT revenue saw an increase, rising to N583.675 billion in September, up N10.334 billion from August’s N573.341 billion.
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Out of the N1.298 trillion allocated, the Federal Government received N424.867 billion, State Governments were allotted N453.724 billion, and Local Government Councils received N329.864 billion.
Additionally, oil-producing states were granted N90.415 billion as derivation revenue, which is 13% of mineral revenue.
From the N124.716 billion in distributable statutory revenue, allocations included N43.037 billion for the Federal Government, N21.829 billion for State Governments, and N16.829 billion for Local Government Councils, with oil-producing states receiving N43.021 billion as derivation revenue.
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In terms of the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, State Governments were allocated N271.759 billion, and Local Government Councils received N190.231 billion.
The N18.445 billion generated from the EMTL was shared as follows: the Federal Government received N2.767 billion, State Governments N9.222 billion, and Local Governments N6.456 billion.
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From the N462.191 billion in Exchange Difference revenue, the allocations included N218.515 billion for the Federal Government, N110.834 billion for State Governments, N85.448 billion for Local Governments, and N47.394 billion for oil-producing states as derivation.
Lastly, the N150 billion in Augmentation was distributed with the Federal Government receiving N79.020 billion, State Governments N40.080 billion, and Local Government Councils N30.900 billion.
