The Federation Accounts Allocation Committee (FAAC) in the Month of September 2024 shared a total of N1.298 trillion to the Federal Government, States and the Local Government Councils.
According to a statement by the of Press and Public Affairs in the Office of the Accountant General, Bawa Mokwa, the N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, distributable Value Added Tax (VAT) revenue of N543.518 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150.000 billion.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total revenue of N2.258 trillion was available in the month of September 2024. Total deduction for cost of collection was N80.993 billion while total transfers, interventions and refunds was N878.946 billion.
Gross statutory revenue of N1.043 trillion was received for the month of September 2024. This was lower than the sum of N1.221 trillion received in the month of August 2024 by N177.426 billion.
Gross revenue of N583.675 billion was available from the Value Added Tax (VAT) in September 2024. This was higher than the N573.341 billion available in the month of August 2024 by N10.334 billion.
From the N1.298 trillion total distributable revenue, the Federal Government received total sum of N424.867 billion and the State Governments received total sum of N453.724 billion. The Local Government Councils received total sum of N329.864 billion and a total sum of N90.415 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.