FG, states, LGs share N1.298tri revenue

The Federal Government, states, and local government councils have shared a total of N1.298 trillion as revenue for September 2024.

The distribution was confirmed during the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.

According to a statement from the Office of the Accountant General of the Federation, the total revenue comprised N124.716 billion in statutory allocations, N543.518 billion from Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from exchange rate gains, and an augmentation of N150 billion.

A communiqué issued by FAAC revealed that the total revenue available in September 2024 stood at N2.258 trillion. Deductions for the cost of collection amounted to N80.993 billion, while transfers, interventions, and refunds accounted for N878.946 billion.

The report showed that gross statutory revenue for the month was N1.043 trillion, reflecting a drop of N177.426 billion from the N1.221 trillion generated in August 2024. VAT collections for September stood at N583.675 billion, an increase of N10.334 billion compared to August’s figure of N573.341 billion.

From the total distributable revenue of N1.298 trillion, the Federal Government received N424.867 billion, while state governments got N453.724 billion. Local government councils received N329.864 billion, and N90.415 billion was allocated to states entitled to 13% derivation from mineral revenue.

Breaking down the statutory revenue of N124.716 billion, the Federal Government received N43.037 billion, states collected N21.829 billion, and local councils got N16.829 billion. States benefiting from the 13% derivation received N43.021 billion.

The distribution of VAT revenue saw the Federal Government receiving N81.528 billion, states collecting N271.759 billion, and local governments receiving N190.231 billion.

Additionally, from the N18.445 billion generated from the EMTL, the Federal Government received N2.767 billion, while states and local councils got N9.222 billion and N6.456 billion, respectively.

The communiqué further highlighted that from the N462.191 billion exchange rate differential, the Federal Government received N218.515 billion, states got N110.834 billion, and local governments were allocated N85.448 billion. Another N47.394 billion from this revenue source went to states with mineral-producing status as derivation.

Finally, from the N150 billion augmentation, the Federal Government received N79.020 billion, states were given N40.080 billion, and local councils got N30.900 billion.