FG, states, LGs share N1.298t September 2024 revenue

This distribution was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.

According to a statement from the Office of the Accountant General, represented by Bawa Mokwa, the N1.298 trillion total distributable revenue consisted of N124.716 billion in statutory revenue, N543.518 billion from Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from exchange rate differences, and N150.000 billion as augmentation.

A communiqué from FAAC revealed that the total available revenue for September 2024 was N2.258 trillion. From this, N80.993 billion was deducted for collection costs, and N878.946 billion went towards transfers, interventions, and refunds.

The gross statutory revenue for September 2024 was N1.043 trillion, which was N177.426 billion less than the N1.221 trillion collected in August 2024.

In September 2024, gross VAT revenue was N583.675 billion, an increase of N10.334 billion from August’s N573.341 billion.

The communiqué detailed the allocation of the N1.298 trillion distributable revenue: the Federal Government received N424.867 billion, State Governments received N453.724 billion, and Local Government Councils received N329.864 billion.

Additionally, N90.415 billion (13% of mineral revenue) was distributed as derivation revenue to the beneficiary states.

Of the N124.716 billion in statutory revenue, the Federal Government received N43.037 billion, State Governments N21.829 billion, Local Government Councils N16.829 billion, and N43.021 billion (13% of mineral revenue) was shared as derivation revenue.

From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, State Governments N271.759 billion, and Local Government Councils N190.231 billion.

Out of the N18.445 billion from EMTL, the Federal Government received N2.767 billion, State Governments N9.222 billion, and Local Government Councils N6.456 billion.

Regarding the N462.191 billion from exchange rate differences, the Federal Government received N218.515 billion, State Governments N110.834 billion, Local Government Councils N85.448 billion, and N47.394 billion (13% of mineral revenue) went to the beneficiary states as derivation revenue.

From the N150.000 billion in augmentation, the Federal Government received N79.020 billion, State Governments N40.080 billion, and Local Government Councils N30.900 billion.

In September 2024, there were notable increases in Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies, while VAT and Import Duty saw slight increases.

However, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and other revenues experienced significant declines.