The Federation Accounts Allocation Committee (FAAC) has shared ₦1.411 trillion among the Federal, State, and Local Governments as revenue for October 2024.
This allocation followed the committee’s November meeting in Bauchi State, which coincided with the 2024 National Council on Finance and Economic Development hosted by the Bauchi State Government.
The total distributable sum included revenues from statutory sources, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference income.
Statutory revenue accounted for ₦206.319 billion, VAT contributed ₦622.312 billion, EMTL added ₦17.111 billion, and Exchange Difference revenue made up ₦566.000 billion.
Out of the shared revenue, the Federal Government received ₦433.021 billion, while States got ₦490.696 billion.
Local Government Councils were allocated ₦355.621 billion, and ₦132.404 billion went to mineral revenue derivation for oil-producing states.
Revenue collections from Oil and Gas Royalty, VAT, Petroleum Profit Tax, and Companies Income Tax improved in October, while EMTL and CET Levies saw declines.
Gross revenue for the month stood at ₦2.668 trillion, with deductions for costs and other transfers reducing the distributable amount.
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