FG, States, LGAs Share N1.298 Trillion For September 2024
By Patience Ikpeme
At the October 2024 FAAC meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun, a total of N1.298 trillion was disbursed to the three tiers of government for September 2024 from a gross of N2.298 trillion.
The Federal Government received N424.867 billion, States got N453.724 billion, Local Governments received N329.864 billion, and Oil Producing States received N90.415 billion as derivation (13% of mineral revenue).
Additionally, N80.993 billion was disbursed as collection costs, with N878.946 billion set aside for transfers and refunds.
The VAT revenue for September stood at N583.675 billion, an increase from the previous month’s N573.341 billion. From this, N543.518 billion was distributed among the governments: Federal Government (N81.258 billion), States (N271.759 billion), and Local Governments (N190.231 billion).
Gross statutory revenue fell to N1.043 trillion from the previous month’s N1.221 trillion, resulting in a distribution of N124.718 billion among the tiers.
Revenue from Electronic Money Transfer Levy totaled N19.213 billion, while Exchange Difference contributed N462.191 billion to the allocation.
Mr Edun reaffirmed the administration’s commitment to enhancing revenue generation for the welfare of Nigerians.
The Excess Crude Account balance as of October 2024 stands at $473.754 million.
