FAAC: FG, States, LGAs Share N1.298trn For September

A total sum of N1.298 trillion from September 2024 federation accounts revenue has been distributed to the federal government, states, and local government areas.

The revenue allocation was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja on Thursday.

The N1.298 trillion distributable revenue comprised: statutory revenue of N124.716 billion, Value Added Tax (VAT) revenue of N543.518 billion, electronic money transfer levy revenue of N18.445 billion, exchange difference revenue of N462.191 billion and augmentation of N150 billion.

A communiqué issued by FAAC indicated that N2.258 trillion was available in September 2024. Deductions for collection costs amounted to N80.993 billion, and transfers, interventions, and refunds totaled N878.946 billion.
Gross statutory revenue for September 2024 was N1.043 trillion, which was N177.426 billion lower than the N1.221 trillion received in August 2024.

Gross VAT revenue for September 2024 was N583.675 billion, an increase of N10.334 billion from the N573.341 billion received in August 2024.

From the N1.298 trillion total distributable revenue, the federal government received N424.867 billion, state governments received N453.724 billion, LGAs got N329.864 billion and

N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N124.716 billion statutory revenue: FG received N43.037 billion, states received N21.829 billion, LGAs received N16.829 billion, while N43.021 billion (13 per cent of mineral revenue) was shared to benefiting states
From the N543.518 billion VAT revenue: FG got N81.528 billion, the 36 states received N271.759 billion, with the local government areas receiving N190.231 billion

N18.445 billion revenue that came in from electronic money transfers was shared thusly, FG, N2.767 billion; states, N9.222 billion; LGAs N6.456 billion

N462.191 billion revenue was generated from the exchange rate differential. From that, the federal government received N218.515 billion, state governments got N110.834 billion, local governments also received N85.448 billion, while N47.394 billion (13 per cent of mineral revenue) was shared to benefiting states

From the N150 billion Augmentation: the federal government received N79.020 billion, states: N40.080 billion, and LGAs: N30.900 billion