The Federation Account Allocation Committee (FAAC) has disbursed N1.411 trillion to the three tiers of government for October 2024, reflecting an increase in revenue compared to the previous month.
The funds, derived from statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, were shared at the FAAC meeting in Bauchi, chaired by the Accountant General of the Federation, Dr Oluwatoyin S. Madein.
According to the FAAC communiqué, the federal government received N433.021 billion, states got N490.696 billion, and local government councils were allocated N355.621 billion.
Additionally, oil-producing states received N132.404 billion as derivation revenue (13% of mineral revenue). The report highlighted significant increases in VAT and statutory revenue.
Gross VAT for October amounted to N668.291 billion, up by N84.616 billion from the previous month.
Statutory revenue also rose to N1.336 trillion, reflecting a N293.009 billion increase.
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The FAAC also distributed N646 billion from Exchange Difference, with the federal government receiving N259.545 billion, states N131.644 billion, and local councils N101.493 billion.
The remaining amount was allocated to derivation revenue and interventions.
Dr Madein commended the improved revenue performance, attributing it to increased collections from oil royalties, import duties, and company taxes.
However, she noted a decline in the Electronic Money Transfer Levy (EMTL) compared to the previous month.
The allocation underscores the federal government’s commitment to equitable revenue distribution while addressing the fiscal needs of states and local councils. The funds are expected to bolster development projects and improve public services nationwide.
