The Federation Account Allocation Committee (FAAC), chaired by Hon. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has shared N1.298 trillion among the three tiers of government for September 2024 from a gross total of N2.298 trillion.
Breakdown of FAAC N1.298 trillion Allocation:
- Federal Government: N424.87 billion
- State Governments: N453.72 billion
- Local Government Councils (LGCs): N329.86 billion
- Oil-Producing States (13% Derivation): N90.42 billion
- Cost of Collection: N80.99 billion
- Transfers, Interventions, and Refunds: N878.95 billion
Key Revenue Sources:
- Value-Added Tax (VAT):
- Gross Revenue: N583.675 billion (up from N573.341 billion in the previous month)
- Federal Government: N81.26 billion
- State Governments: N271.76 billion
- Local Government Councils: N190.23 billion
- Gross Statutory Revenue:
- Total: N1.04 trillion (down by N177.43 billion from August 2024)
- Federal Government: N43.04 billion
- State Governments: N21.83 billion
- Local Government Councils: N16.83 billion
- Oil-Producing States (13% Derivation): N43.02 billion
- Electronic Money Transfer Levy (EMTL):
- Total: N19.21 billion
- Federal Government: N2.77 billion
- State Governments: N9.22 billion
- Local Government Councils: N6.46 billion
- Exchange Difference:
- Total: N462.19 billion
- Federal Government: N218.52 billion
- State Governments: N110.83 billion
- Local Government Councils: N85.45 billion
- Oil-Producing States (13% Derivation): N47.39 billion
- Augmentation (N150 billion):
- Federal Government: N70.02 billion
- State Governments: N40.08 billion
- Local Government Councils: N30.90 billion
Revenue Insights:
- Revenue from Oil Royalties, Excise Duty, and Electronic Money Transfer Levy (EMTL) saw significant increases.
- VAT and Import Duty registered marginal increases.
- Petroleum Profit Tax (PPT) and Company Income Tax (CIT) recorded notable decreases.
This FAAC distribution is part of ongoing efforts to balance the financial needs of various government tiers and ensure steady governance amid fluctuating revenue streams.
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