FAAC shares N1.298tr to Fed, States, LGAs for September 2024
The Federation Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the Federal, State and Local Governments as revenue for September 2024.
This was disclosed at the end of the October 2024 FAAC meeting in Abuja on Thursday.
The total distributable revenue comprises several components: N124.716 billion in statutory revenue, N543.518 billion in Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an augmentation of N150 billion.
A communiqué from the FAAC meeting noted the total available revenue for September 2024 stood at N2.258 trillion.
Of this, N80.993 billion was deducted for cost of collection while N878.946 billion went toward transfers, interventions and refunds.
In September, gross statutory revenue amounted to N1.043 trillion, a decrease of N177.426 billion compared to August’s figure of N1.221 trillion. However, VAT revenue rose to N583.675 billion, up by N10.334 billion from August’s N573.341 billion.
Read Also: FAAC: Fed Govt, states, councils shares N1.2tr for August
From the total distributable revenue, the Federal Government received N424.867 billion, State Governments received N453.724 billion and Local Government Councils received N329.864 billion.
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N90.415 billion was also distributed to oil-producing states as derivation revenue (13% of mineral revenue).
Breaking down the components, from the N124.716 billion statutory revenue, the Federal Government received N43.037 billion, States N21.829 billion, Local Governments N16.829 billion and N43.021 billion was shared as derivation revenue.
From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, States N271.759 billion, and Local Governments N190.231 billion.
From the N18.445 billion EMTL, the Federal Government received N2.767 billion, States N9.222 billion, and Local Governments N6.456 billion.
From the N462.191 billion Exchange Difference revenue, the Federal Government received N218.515 billion, States N110.834 billion, Local Governments N85.448 billion, and N47.394 billion was allocated as derivation revenue.
From the N150 billion augmentation, the Federal Government received N79.020 billion, States N40.080 billion, and Local Governments N30.900 billion.
The communiqué further noted a significant increase in Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, while VAT and Import Duty rose slightly. On the other hand, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) experienced considerable declines
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