The Federation Accounts Allocation Committee (FAAC) recently shared a staggering ₦1.411 trillion as the October 2024 Federation Accounts Revenue between the Federal Government, states, and local government councils.
The disbursement was done during a meeting chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, in Bauchi State. The meeting followed a national council on finance and economic development, hosted by the Bauchi State Government.
According to a statement, the total revenue included statutory revenue of ₦206.319 billion, value-added tax of ₦622.312 billion, electronic money transfer levy revenue of ₦17.111 billion, and exchange difference revenue of ₦566.000 billion.
The October 2024 gross revenue stood at ₦2.668 trillion, but after deducting collection costs and transfers, interventions, and refunds, the actual distributable revenue was lower. The committee highlighted notable increases in gross statutory revenue and value-added tax income.
Breaking down the shared revenue, the Federal Government received ₦433.021 billion, while the states received ₦490.696 billion. The local government councils received ₦355.621 billion, and beneficial states shared ₦132.404 billion in mineral revenue-derived funds.
Further allocating the resources, the federal government took home ₦77.562 billion of the ₦206.319 billion statutory revenue, while states received ₦39.341 billion, and LGAs received ₦30.330 billion. Minus a few exceptions, the same proportional distribution is seen in VAT, exchange difference, and electronic money transfer levy revenue.
Sources indicate that key revenue streams experienced significant growth, while two specific levies saw downturns. FAAC shared the allocation outcome, hoping to provide greater transparency to stakeholders.
