FAAC Disburses N1.41tn October Revenue, as Federation Account Grosses N2.668trn

Ndubuisi Francis in Abuja

The Federation Accounts Allocation Committee (FAAC), Wednesday, disbursed a total sum of N1.411 trillion to the three tiers of government and other relevant stakeholders, for the month of October.
The disbursed amount is N1.257 trillion less than the gross revenue garnered during the reference month.
Facts emerged that Oil and Gas Royalty, Excise Duty, Value VAT, Import Duty, Petroleum Profit Tax(PPT), and Companies Income Tax (CIT) increased significantly in the month October.
The Office of the Accountant General of the Federation (OAGF), citing a communique, said the revenue sharing took place during the FAAC November 2024 meeting held in Bauchi State, and chaired by the Accountant General of the Federation. Dr. Oluwatoyin Madein.
The FAAC) meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State government.
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 N17.111billion and Exchange Difference revenue of N566.000 billion.
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With a gross revenue of N2.668 trillion available in the month of October 2024, cost of collection gulped N97.517 billion while total transfers, interventions and refunds accounted for N1.159 trillion, leaving N1.411 trillion for disbursement to the relevant stakeholders.
According to the communiqué, gross statutory revenue of N1.336 trillion was received for the month of October 2024, an amount higher than the sum of N1.043 trillion received in the month of September 2024 by N293.009 billion.
Also, gross revenue of N668.291 billion was available from VAT in October 2024, N84.616 billion higher than the N583.675 billion available in the month of September 2024.
The communiqué stated that from the N1.411 trillion total distributable revenue, the federal government received N433.021 billion, states received N490.696 billion, the local governments received the sum of N355.621 billion, while N132.404 billion representing 13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N206.319 billion distributable statutory revenue, the communiqué stated that the federal government received N77.562 billion, the states received N39.341 billion while the local government councils received N30.330 billion.
The sum of N59.086 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
Similarly, from the N622.312 billion distributable VAT revenue, the federal government received N93.347 billion, state hovernments received N311.156 billion and the local government councils got N217.809 billion.
The federal government also received N2.567 billion from the N17.111 billion Electronic Money Transfer Levy (EMTL) while states and local governments received received N8.555 billion and
N5.989 billion respectively.
Equally, from the N566.000 billion Exchange Difference revenue, the communiqué stated that the federal government received N259.545 billion, state governments received N131.644 billion, while the local governments received N101.493 billion.
The sum of N73.318 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
Oil and Gas Royalty, Excise Duty, Value 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.