For the month of September, N1.298 trillion has been distributed to the federal government, state governments, and Local Government Councils (LGCs) by the Federation Account Allocation Committee (FAAC).
This was disclosed in a statement following the October meeting of the FAAC, which was held in Abuja on Thursday.
The press was informed of the announcement by Bawa Mokwa, Director of Press and Public Relations of the Office of the Accountant-General of the Federation (OAGF).
According to the paper, N124.716 billion in statutory income and N543.518 billion in value-added tax (VAT) revenue made up the N1.298 trillion in distributed revenue.
The breakdown also included N462.191 billion from Exchange Difference revenue, N18.445 billion from the Electronic Money Transfer Levy (EMTL), and an additional N150 billion.
Additionally, it stated that N2.258 trillion was the total amount of revenue that was available in September.
“Total transfers, interventions, and refunds totaled N878.946 billion, while the total deduction for the cost of collection was N80.993 billion,” the statement read.
According to the announcement, gross statutory revenue declined by N177.426 billion from N1.221 trillion in August 2024 to N1.043 trillion in September 2024.
The gross income for VAT in September was N583.675 billion, a marginal rise of N10.334 billion over the N573.341 billion that was recorded in August.
“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.”
Allocation of LGA
N90.415 billion, or 13% of mineral revenue, was given to the oil-producing states as derivation money, while N329.864 billion was given to the LGCs.
The federal government received N43.037 billion, state governments received N21.829 billion, and LGCs received N16.829 billion of the N124.716 billion statutory revenue.
The oil-producing states received an additional N43.021 billion in derivation money, or 13% of mineral earnings.
“The Federal Government received N81.528 billion, the State Governments received N271.759 billion, and the LGCs received N190.231 billion from the N543.518 billion VAT revenue,” the statement continued.
Revenues from oil and gas: According to the communiqué, there were notable increases in September for the Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, but only slight increases for VAT and Import Duty.
Nonetheless, there were noticeable drops in the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and other revenues.
