The Federation Account Allocation Committee (FAAC) has distributed a total of N1.298 trillion to the Federal Government, state governments, and Local Government Councils (LGCs) for the month of September 2024. This was announced following FAAC’s October meeting held in Abuja, according to a communiqué released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
The revenue disbursed for the month of September comprised multiple sources, including statutory revenue, Value Added Tax (VAT), and other levies. Specifically, the breakdown includes N124.716 billion from statutory revenue, N543.518 billion from VAT, N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from exchange rate differences, and an augmentation of N150 billion.
According to the communiqué, the total available revenue for September 2024 stood at N2.258 trillion. However, after deductions, including N80.993 billion for the cost of collection and N878.946 billion for transfers, interventions, and refunds, the distributable amount was N1.298 trillion.
Allocation Breakdown
Of the total disbursed revenue, the Federal Government received N424.867 billion, state governments were allocated N453.724 billion, and LGCs received N329.864 billion. Additionally, oil-producing states were given N90.415 billion as derivation revenue, representing 13% of mineral revenue.
In terms of statutory revenue, the Federal Government received N43.037 billion, state governments N21.829 billion, and LGCs N16.829 billion. Furthermore, the oil-producing states received an additional N43.021 billion from mineral revenue.
The VAT distribution saw the Federal Government receiving N81.528 billion, state governments N271.759 billion, and LGCs N190.231 billion.
Revenue Performance
The report highlighted a mixed performance across various revenue streams. While there was significant growth in Oil and Gas Royalty, Excise Duty, and the EMTL, revenues from the Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) showed notable declines. VAT and Import Duty experienced only marginal growth during the period.
Despite the fluctuations in some revenue sectors, the overall revenue collected reflects a sustained effort by the government to ensure a steady flow of funds to all levels of government, providing essential support for development and public service delivery across Nigeria.
This disbursement is part of FAAC’s monthly allocation to ensure that the federal, state, and local governments have the resources to meet their financial obligations and continue to drive economic activities in the country.