The Federation Accounts Allocation Committee (FAAC), has shared ₦1.411 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.
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 ₦1.411 trillion total revenue comprised statutory revenue of ₦206.319 billion, and Value Added Tax (VAT) revenue of ₦622.312 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of ₦17.111 billion and Exchange Difference revenue of ₦566 billion.
“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 ₦1.336 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 ₦668.291 billion was available from VAT, which was higher than the N583.675 billion available in the month of September 2024 by ₦84.616 billion.
The communiqué said that from the ₦1.411 trillion total revenue, the Federal Government received the sum of ₦433.021 billion, and the state governments received ₦490.696 billion.
It said the LGCs received ₦355.621 billion, and ₦132.404 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the ₦206.319 billion distributable statutory revenue, the communiqué said that the Federal Government received ₦77.562 billion and the state governments received ₦39.341 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.
(NAN)
