The Federation Accounts Allocation Committee (FAAC) has announced a significant increase in the revenue shared among the three tiers of government and other beneficiaries.
The sum of N1.411 trillion was shared among FAAC beneficiaries on Wednesday from October 2024 revenue following an impressive rise in various revenue streams.
The N1.411 trillion October revenue represents a significant increase compared to the N1.298 trillion September revenue and the N1.203 trillion August 2024 revenue.
The rise in allocation was attributed to notable increases in revenues from Oil and Gas Royalty, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), according to a communique at the end of the FAAC meeting in Bauchi State.
The total distributable revenue of N1.411 trillion comprised N206.319 billion in statutory revenue, N622.312 billion from VAT, N17.111 billion from the Electronic Money Transfer Levy (EMTL), and N566.000 billion from exchange rate gains.
From this amount, the Federal Government received N433.021 billion, State Governments N490.696 billion and Local Government Councils N355.621 billion. Oil-producing States were allocated N132.404 billion, representing 13 percent of mineral revenue as derivation.
The statutory revenue component of N206.319 billion was shared with the Federal Government receiving N77.562 billion, State Governments N39.341 billion, and Local Government Councils N30.330 billion. Additionally, N59.086 billion was allocated to oil-producing states as derivation revenue.
The VAT revenue of N622.312 billion was distributed, with the Federal Government receiving N93.347 billion, State Governments N311.156 billion, and Local Government Councils N217.809 billion.
Revenue from EMTL, totaling N17.111 billion, was shared as follows: N2.567 billion to the Federal Government, N8.555 billion to State Governments, and N5.989 billion to Local Government Councils. Similarly, the N566.000 billion from exchange rate gains was allocated with N259.545 billion going to the Federal Government, N131.644 billion to State Governments, and N101.493 billion to Local Government Councils. Oil-producing states received an additional N73.318 billion from this revenue source.
Gross revenue for October 2024 stood at N2.668 trillion, with N97.517 billion deducted as the cost of revenue collection and N1.159 trillion set aside for transfers, interventions, and refunds.
Notably, gross statutory revenue for October increased by N293.009 billion, reaching N1.336 trillion compared to N1.043 trillion recorded in September. VAT revenue also rose by N84.616 billion, from N583.675 billion in September to N668.291 billion in October.
Despite these increases, revenues from the EMTL and CET levies saw significant declines.
