FAAC: N1.41trn Allocations shared among FG, States, LGAs in October {BREAKDOWN}
The Federation Accounts Allocation Committee (FAAC) on Wednesday November 20, 2024 disbursed a total sum of N1.411 trillion to the three tiers of government and other relevant stakeholders, for the month of October 2024.
Breakdown of the amounts to Local Government Areas shows that the Commission complied with 774-Local Government Structure in the country as allocations were given to only the 20 constitutionally recognized Local Government Areas in Lagos State as it is the case in others.
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The disbursed amount was N1.257 trillion less than the gross revenue garnered during the month under review.
It showed that Oil and Gas Royalty, Excise Duty, Value VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) increased significantly in October.
The Office of the Accountant General of the Federation (OAGF), citing a communique, stated that the revenue sharing took place during the FAAC November 2024 meeting held in Bauchi State.
The meeting was chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein.
The FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State government.
The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566 billion.
With a gross revenue of N2.668 trillion available in October 2024, cost of collection gulped N97.517 billion while total transfers, interventions and refunds accounted for N1.159 trillion, leaving N1.411 trillion for disbursement to the relevant stakeholders.
According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024, an amount higher than the sum of N1.043 trillion received in September 2024 by N293.009 billion.
Also, gross revenue of N668.291 billion was available from VAT in October 2024, N84.616 billion higher than the N583.675 billion available in September 2024.
The communiqué stated that from the N1.411 trillion total distributable revenue, the federal government received N433.021 billion, states received N490.696 billion, the local governments received the sum of N355.621 billion, while N132.404 billion representing 13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N206.319 billion distributable statutory revenue, the communiqué stated that the federal government received N77.562 billion, the states received N39.341 billion and the local government councils received N30.330 billion.
The sum of N59.086 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue.
Similarly, from the N622.312 billion distributable VAT revenue, the federal government received N93.347 billion, state governments received N311.156 billion and the local government councils got N217.809 billion.
The federal government also received N2.567 billion from the N17.111 billion Electronic Money Transfer Levy (EMTL) while states and local governments received N8.555 billion and N5.989 billion respectively.
Equally, from the N566 billion Exchange Difference revenue, the communiqué stated that the federal government received N259.545 billion, state governments received N131.644 billion, and the local governments received N101.493 billion.
The sum of N73.318 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
Oil and Gas Royalty, Excise Duty, Value VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) increased significantly while Electronic Money Transfer Levy (EMTL) and CET levies decreased considerably.
