FAAC: FG, states, and LGs share N1.3trn for Sept

Friday, 18 October 2024 05:05

FAAC: FG, states, and LGs share N1.3trn for Sept

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FAAC: FG, states, and LGs share N1.3trn for Sept

The Federal Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the federal government, states, and local government councils (LGCs) for September, 2024. This was disclosed in a communiqué issued after the FAAC’s October meeting, held in Abuja.

Bawa Mokwa, the Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), shared the details with journalists. According to the communiqué, the total distributable revenue of N1.298 trillion included N124.716 billion from statutory revenue and N543.518 billion from Value Added Tax (VAT).

Additional sources of the distributable revenue were N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from exchange differences, and an augmentation of N150 billion. The total available revenue for September was reported as N2.258 trillion.

Out of this, N80.993 billion was deducted for collection costs, while N878.946 billion was allocated to transfers, interventions, and refunds. The gross statutory revenue for September amounted to N1.043 trillion, which was a decrease of N177.426 billion from the N1.221 trillion collected in August.

VAT collections for September totaled N583.675 billion, an increase of N10.334 billion compared to the N573.341 billion collected in August.

From the total distributable revenue of N1.298 trillion, the federal government received N424.867 billion, while state governments got N453.724 billion. Local governments were allocated N329.864 billion, with an additional N90.415 billion (13% of mineral revenue) going to oil-producing states as derivation revenue.

Regarding statutory revenue, the federal government received N43.037 billion, state governments N21.829 billion, and local governments N16.829 billion. A further N43.021 billion in mineral revenue was allocated to the oil-producing states.

From the N543.518 billion in VAT revenue, the federal government received N81.528 billion, state governments N271.759 billion, and local governments N190.231 billion.

The communiqué noted that Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies showed substantial increases, while VAT and Import Duty recorded marginal growth. However, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) saw significant declines.