The Federation Accounts Allocation Committee (FAAC) has distributed N1.411 trillion among the three tiers of government and other stakeholders for October 2024. This amount represents a significant portion of the N2.668 trillion gross revenue generated during the month.

The increase in revenues from oil and gas royalties, excise duty, Value Added Tax (VAT), import duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) contributed to the higher revenue figures. However, the distributed amount was N1.257 trillion less than the total revenue collected.

According to a communiqué from the Office of the Accountant General of the Federation (OAGF), the revenue allocation was finalised at the FAAC meeting in November 2024, chaired by the Accountant General, Dr. Oluwatoyin Madein, in Bauchi State. This meeting followed the 2024 National Council on Finance and Economic Development (NACOFED), hosted by the Bauchi State Government.

Revenue Breakdown

The N1.411 trillion allocation included:

• Statutory Revenue: N206.319 billion
• VAT Revenue: N622.312 billion
• Electronic Money Transfer Levy (EMTL): N17.111 billion
• Exchange Difference Revenue: N566 billion

Disbursement Details

• Federal Government: N433.021 billion
• State Governments: N490.696 billion
• Local Government Councils: N355.621 billion
• Mineral Revenue (Derivation): N132.404 billion

From the statutory revenue of N206.319 billion, the Federal Government received N77.562 billion, states got N39.341 billion, and local governments were allocated N30.330 billion. Similarly, N59.086 billion from mineral revenue was shared among benefiting states.

For VAT revenue totalling N622.312 billion, the Federal Government received N93.347 billion, state governments N311.156 billion, and local governments N217.809 billion. From the EMTL of N17.111 billion, the Federal Government was allocated N2.567 billion, while states and local governments received N8.555 billion and N5.989 billion, respectively.

The exchange difference revenue of N566 billion was distributed as follows:

• Federal Government: N259.545 billion
• State Governments: N131.644 billion
• Local Government Councils: N101.493 billion
• Mineral Revenue (Derivation): N73.318 billion

Gross statutory revenue for October 2024 was N1.336 trillion, up by N293.009 billion compared to the N1.043 trillion recorded in September. VAT revenue also rose from N583.675 billion in September to N668.291 billion in October.

While revenues from oil and gas royalty, excise duty, VAT, and PPT increased, proceeds from the Electronic Money Transfer Levy (EMTL) and CET levies saw a decline.