For September, N1.298 trillion was 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 released following the Thursday, October FAAC meeting in Abuja, accessed by BrandSpur national news stories.
The press was given access to the communiqué by Bawa Mokwa, the Office of the Accountant-General of the Federation’s (OAGF) Director of Press and Public Relations. According to the paper, the N1.298 trillion in dispersed income was made up of N543.518 billion in value-added tax (VAT) revenue and N124.716 billion in statutory revenue.
The breakdown also included N462.191 billion in revenue from exchange differences, N18.445 billion from the Electronic Money Transfer Levy (EMTL), and an additional N150 billion. It further mentioned that N2.258 trillion was the total income that was available in September.
According to the report: “Total deduction for the cost of collection was N80.993 billion, while total transfers, interventions, and refunds were N878.946 billion.”
The statement went on to add that gross statutory revenue in September 2024 was N1.043 trillion, down from N1.221 trillion in August by N177.426 billion. September’s overall revenue from VAT was N583.675 billion, a marginal rise of N10.334 billion over the N573.341 billion reported 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.”
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LGA distribution:
N90.415 billion, or 13% of mineral revenue, was given to the oil-producing states as derivation money, while N329.864 billion went to the LGCs.
The federal government received N43.037 billion, state governments received N21.829 billion, and local government councils (LGCs) received N16.829 billion of the N124.716 billion statutory revenue.
The states that produce oil received an additional N43.021 billion, or 13% of the earnings from minerals, as derivation money.
The statement further reads: “From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion.”
Revenues from oil and gas:
According to the communiqué, there were notable gains in September for Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, but only slight increases for VAT and Import Duty.
On the other hand, there were noticeable drops in the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and other income.
