Historic October Allocation: FG, States, LGs Receive ₦1.411 Trillion From FAAC

Historic October Allocation: FG, States, LGs Receive ₦1.411 Trillion From FAAC

The Federal Government, States, and Local Government Councils shared a total of ₦1.411 trillion as October 2024 revenue, according to a statement from the Office of the Accountant General of the Federation. The allocations were finalized during the...READ MORE…

Federation Accounts Allocation Committee (FAAC) meeting held in Bauchi State.

This revenue distribution included ₦206.319 billion in statutory revenue, ₦622.312 billion from Value Added Tax (VAT), ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566.000 billion from Exchange Difference revenue.

The Federal Government received ₦433.021 billion, States ₦490.696 billion, and Local Government Councils ₦355.621 billion. Derivation revenue, which accounts for 13% of mineral resources, amounted to ₦132.404 billion for benefiting states.

The meeting also noted increases in key revenue sources such as Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT), while EMTL and CET Levies recorded slight declines.

The FAAC session, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, followed the National Council on Finance and Economic Development (NACOFED) meeting hosted by the Bauchi State Government.

This development reflects ongoing efforts to enhance revenue mobilization and equitable distribution among the three tiers of government.

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