FAAC Revenue Shared by FG, States, and LGs in October 2024: N1.411 trillion

A total of N1.411 trillion in income for October 2024 has been distributed to the Federal Government, State Governments, and Local Government Councils by the Federation Accounts Allocation Committee (FAAC). This money, which came from a variety of sources, including statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue, was revealed at the FAAC meeting in Bauchi State.CONTINUE FULL READING>>>>>

The N1.411 trillion includes N206.319 billion in distributable statutory revenue, N622.312 billion from VAT, N17.111 billion from the EMTL, and N566.000 billion from Exchange Difference revenue.

Total gross revenue for October 2024 amounted to N2.668 trillion, after deductions for collection costs and other transfers.

From the distributable revenue, the Federal Government received N433.021 billion, while the State Governments received N490.696 billion and Local Government Councils got N355.621 billion.

According to Channels  Television, N132.404 billion was allocated as derivation revenue to oil-producing states.

The revenue breakdown shows a rise in income from oil royalties, excise duties, and taxes such as VAT, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT), with a slight decrease in Electronic Money Transfer Levy and CET Levies.

This distribution highlights a significant increase in revenue from both statutory and non-statutory sources compared to previous months.CONTINUE FULL READING>>>>>