FAAC Disburses N1.411 Trillion for October 2024

Posted on 29th Of October

The Federation Accounts Allocation Committee (FAAC) disbursed N1.411 trillion to the federal, state, and local governments, along with other stakeholders, for October 2024. This amount was N1.257 trillion less than the gross revenue of N2.668 trillion generated during the same period. Revenue Breakdown: Statutory Revenue: N206.319 billion Value Added Tax (VAT): N622.312 billion Electronic Money Transfer Levy (EMTL): N17.111 billion Exchange Difference Revenue: N566 billion Distribution of N1.411 Trillion: Federal Government: N433.021 billion State Governments: N490.696 billion Local Governments: N355.621 billion Derivation Revenue (13% mineral revenue): N132.404 billion Key Revenue Sources and Growth: Oil and Gas Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw significant increases in October. However, Electronic Money Transfer Levy (EMTL) and CET levies declined. Detailed Allocations: Distributable Statutory Revenue (N206.319 billion): Federal Government: N77.562 billion State Governments: N39.341 billion Local Governments: N30.330 billion Derivation Revenue: N59.086 billion Distributable VAT Revenue (N622.312 billion): Federal Government: N93.347 billion State Governments: N311.156 billion Local Governments: N217.809 billion Electronic Money Transfer Levy (N17.111 billion): Federal Government: N2.567 billion State Governments: N8.555 billion Local Governments: N5.989 billion Exchange Difference Revenue (N566 billion): Federal Government: N259.545 billion State Governments: N131.644 billion Local Governments: N101.493 billion Derivation Revenue: N73.318 billion Key Meetings and Context: The disbursement was finalized during the FAAC meeting in November 2024 in Bauchi State, chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation. The meeting followed the 2024 National Council on Finance and Economic Development (NACOFED) hosted by Bauchi State. This disbursement reflects significant growth in Nigeria's revenue sources such as VAT, PPT, and CIT compared to September 2024.