Nigeria’s Federation Accounts Allocation Committee (FAAC) has distributed a whopping N1.411 trillion to the Federal Government, States, and Local Government Councils, representing the October 2024 revenue.
This significant allocation took place during the November 2024 FAAC meeting, chaired by Dr. Oluwatoyin Madein, Accountant General of the Federation, in Bauchi, on Wednesday.
According to Mr. Bawa Mokwa, Director of Press and Public Relations, Office of the AGF, the total gross revenue for October 2024 stood at N2.668 trillion. However, N97.517 billion was deducted as the cost of collection, and N1.159 trillion was allocated for transfers, interventions, and refunds.
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Breaking down the distributable revenue of N1.411 trillion, we see:
– Statutory Revenue: N206.319 billion
– VAT Revenue: N622.312 billion
– Electronic Money Transfer Levy (EMTL) Revenue: N17.111 billion
– Exchange Difference Revenue: N566.000 billion
The FAAC’s role is crucial in ensuring that allocations are promptly and fully paid into each state’s treasury, as prescribed by the Allocation of Revenue Act.
The committee’s composition includes the Minister of Finance, Budget and National Planning, State Commissioners of Finance, and representatives from the Central Bank of Nigeria and the Revenue Mobilisation Allocation and Fiscal Commission.
This significant allocation is expected to boost the country’s economic growth, with the Federal Government receiving 52.68% of the total sum, while States and Local Governments receive 26.72% and 20.60%, respectively.
The 13% derivation fund is also shared among oil-producing states, totaling N51.47 billion.
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