FAAC: FG, States, LGs Share N1.298 Trillion For September

The Federal, State, and Local Governments have shared N1.298 trillion from the Federation Account Allocation Committee (FAAC) for September 2024.

The distribution took place during the FAAC October 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The N1.298 trillion was allocated from a gross total of N2.298 trillion, which included Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N150 billion.

From this FAAC amount, the Federal Government received N424.867 billion, the States N453.724 billion, and Local Government Councils N329.864 billion. The Oil-Producing States were allocated N90.415 billion as Derivation (13% of Mineral Revenue).

In addition, N80.993 billion was allocated for collection costs, and N878.946 billion was set aside for Transfers, Intervention, and Refunds.

According to the communiqué issued at the end of the meeting, the Gross Revenue from VAT in September 2024 stood at N583.675 billion, a slight increase from the N573.341 billion distributed in the previous month.

Out of this, N23.347 billion was allocated for collection costs, and N16.810 billion for Transfers, Intervention, and Refunds. The remaining N543.518 billion was distributed as follows: Federal Government N81.258 billion, States N271.759 billion, and Local Government Councils N190.231 billion.

The Gross Statutory Revenue for September amounted to N1.043 trillion, reflecting a decline of N177.426 billion compared to the N1.221 trillion received in the previous month. From this sum, N56.878 billion was set aside for collection costs, and N862.136 billion for Transfers, Intervention, and Refunds.

The remaining balance of N124.718 billion was shared among the three tiers of government: the Federal Government received N43.037 billion, the States N21.829 billion, Local Government Councils N16.829 billion, and N43.021 billion was allocated for Derivation Revenue.
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