FAAC: Federal, state, local govts share N1.1411tn in October 2024

Nigeria’s three tiers of government – federal, state, and local government councils – shared a sum of N1.1411 trillion as the October 2024 Federation Accounts Allocation Revenue (FAAC).

Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation, OAGF, disclosed this in a statement on Wednesday.

The N1.1411 trillion shared allocation stems from N2.668 trillion gross revenue available in October 2024.

The statement showed that the amount distributed to the three tiers of government in October was higher than the N1.043 trillion received in September 2024 by N293.009 billion.

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 N17.111 billion, and exchange difference revenue of N566.000 billion.

The Federal Government received a total sum of N433.021 billion, the state governments received a total sum of N490.696 billion, while the local government councils received a total sum of N355.621 billion.

Meanwhile, a total of N132.404 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“In October 2024, oil and gas royalty, excise duty, value-added tax (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,” the statement added.

The revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State and chaired by the Accountant General of the Federation, Oluwatoyin Madein.