FG, States, LGAs Share ₦1.411 Trillion October Revenue
By Patience Ikpeme
The Federal Government, State Governments, and Local Government Areas (LGAs) shared a total of ₦1.411 trillion as revenue allocation for October 2024. This was disclosed during the November meeting of the Federation Accounts Allocation Committee (FAAC) held in Bauchi State, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
The total distributable revenue consisted of ₦206.319 billion from statutory allocations, ₦622.312 billion from Value Added Tax (VAT), ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566 billion from exchange rate gains. The gross revenue available for October amounted to ₦2.668 trillion, with deductions totaling ₦97.517 billion for costs and ₦1.159 trillion for transfers and refunds. Notably, gross statutory revenue increased by ₦293.009 billion compared to September 2024.
Revenue from VAT in October 2024 stood at ₦668.291 billion, reflecting an increase of ₦84.616 billion from the ₦583.675 billion recorded in September. From the total distributable revenue of ₦1.411 trillion, the Federal Government received ₦433.021 billion, while the State Governments were allocated ₦490.696 billion. Local Government Councils received ₦355.621 billion, and oil-producing states shared ₦132.404 billion, representing 13% of mineral revenue as derivation.
From the ₦206.319 billion in statutory revenue, the Federal Government received ₦77.562 billion, with State Governments and Local Government Councils receiving ₦39.341 billion and ₦30.330 billion, respectively. An additional ₦59.086 billion in mineral revenue was distributed to oil-producing states.
The distributable VAT revenue of ₦622.312 billion was shared among the three tiers of government, with the Federal Government receiving ₦93.347 billion, State Governments ₦311.156 billion, and Local Government Councils ₦217.809 billion. Similarly, revenue from the EMTL, totaling ₦17.111 billion, was distributed as follows: ₦2.567 billion to the Federal Government, ₦8.555 billion to State Governments, and ₦5.989 billion to Local Government Councils.
Exchange rate gains contributed ₦566 billion to the distributable pool, with the Federal Government allocated ₦259.545 billion, State Governments ₦131.644 billion, and Local Government Councils ₦101.493 billion. Oil-producing states received an additional ₦73.318 billion as derivation revenue from this source.
The FAAC highlighted significant increases in revenues from Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) during October 2024. However, there were noticeable declines in revenues from the Electronic Money Transfer Levy (EMTL) and CET Levies.
The committee reiterated its commitment to ensuring transparency and accountability in revenue allocation, emphasizing the critical role of these funds in driving national development.
