From Adanna Nnamani, Abuja
The Federal Government, 36 states, Federal Capital Territory (FCT), and the 774 local government areas shared N1.298 trillion as September revenue allocation from the Federation Accounts Allocation Committee (FAAC).
The revenue sharing formula is contained in a statement released by the Spokesperson of the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa.
He said the revenue distribution was disclosed at the October FAAC meeting in Abuja, yesterday.
The N1.298 trillion total distributable revenue comprised; statutory revenue of N1.25 trillion, 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 billion.
Bawa added that, a communiqué issued by 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.
According to the communiqué, 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 VAT in September 2024. This was higher than the N573.341 billion available in the month of August 2024 by N10.334 billion.
The communiqué added that from the N1.298 trillion total distributable revenue, the Federal Government received N424.867 billion while the State Governments received N453.724 billion. The Local Government Councils received N329.864 billion and N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N1.25 trillion distributable statutory revenue, FAAC stated that the Federal Government received N43.037 billion and the state governments received N21.829 billion. The Local Government Councils received N16.829 billion and the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N543.518 billion distributable VAT revenue, the Federal Government received N81.528 billion, State Governments N271.759 billion and the Local Government Councils N190.231 billion.
A total sum of N2.767 billion was received by the Federal Government from the N18.445 billion EMTL. The state governments received N9.222 billion and the local government councils N6.456 billion.
From the N462.191 billion Exchange Difference revenue, the Federal Government received N218.515 billion and the State Governments received N110.834 billion. The Local Government Councils received N85.448 billion, while the sum of N47.394 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N79.020 billion, the State Governments received N40.080 billion and the Local Government Council received N30.900 billion from the N150.000 billion Augmentation.
In September 2024, Oil and Gas Royalty, Excise Duty, Electronic Money Transfer Levy (EMTL) and CET Levies increased considerably while Value Added Tax(VAT) and Import Duty increased marginally. Petroleum Profit Tax(PPT), Companies Income Tax(CIT) and others recorded significant decreases.
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