FAAC: FG, States, LGAs Share N1.298 Trillion for September

FAAC: FG, States, LGAs Share N1.298 Trillion for September

The Federation Account Allocation Committee (FAAC), during its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disbursed N1.298 trillion to the federal, state, and local governments. This allocation is part of the gross revenue of N2.258 trillion generated in September 2024.

Out of this total, the federal government received N424.867 billion, states were allocated N453.724 billion, and local government councils (LGCs) got N329.864 billion. Oil-producing states received N90.415 billion as their 13% derivation share from mineral revenue. Additionally, N80.993 billion was earmarked for the cost of collection, while N878.946 billion was set aside for transfers, interventions, and refunds.

The committee’s communique revealed that the revenue from Value Added Tax (VAT) for September stood at N583.675 billion, an increase from N573.341 billion in August. After deductions for cost of collection and transfers, N543.518 billion was distributed, with the federal government receiving N81.258 billion, states N271.759 billion, and LGCs N190.231 billion.

Despite a decline in gross statutory revenue from N1.221 trillion in August to N1.043 trillion in September, the funds were distributed with the federal government receiving N43.037 billion, states N21.829 billion, LGCs N16.829 billion, and oil-producing states N43.021 billion as derivation.

The report also highlighted N19.213 billion collected from the Electronic Money Transfer Levy (EMTL), with the federal government getting N2.767 billion, states N9.222 billion, and LGCs N6.456 billion. An additional N462.191 billion from exchange differences was also shared among the three tiers of government, along with N150 billion in augmentation.

Minister Wale Edun reaffirmed the Tinubu administration’s commitment to improving revenue generation to support national development and uplift the well-being of Nigerians. The balance in the Excess Crude Account as of October 2024 stands at $473.754 million.