1 week Ago By AriseNews
The Federation Account Allocation Committee (FAAC), Thursday, disbursed a total of N1.298 trillion to the federal, state, and local governments from a gross revenue of N2.298 trillion for September.
The disbursement was done during the October FAAC meeting in Abuja, which was chaired by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. In a statement, Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, said the shared amount comprised Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED) and Augmentation of N150.
000 billion. Citing the communique issued at the end of the meeting, the statement disclosed that the federal government received N424.867 billion, states got N453.
724 billion, and local governments received N329.864 billion, while the oil producing states received N90.415 billion as 13 per cent derivation (Mineral Revenue).
The sum of N80.993 billion was given for the cost of collection, while N878.946 billion was allocated for transfers intervention and refunds.
The gross revenue available from VAT for the month of September 2024 was N583.675 billion as against N573.341 billion distributed in the preceding month.
From that amount, N23.347 billion was allocated for the cost of collection while the sum of N16.810 billion was for transfers, intervention and refunds.
The remaining N543.518 billion was distributed to the three tiers of government, with the federal government receiving N81.258 billion, states got N271.
759 billion and local government councils N190.231 billion. The Gross Statutory Revenue of N1.
043 trillion received for the month was lower than the sum of N1.221 trillion received in the previous month by N177.426 billion.
From the stated amount, the sum of N56.878 billion was allocated for the cost of collection while the sum of N862.136 billion went for transfers, intervention and refunds.
The balance of N124.718 billion was distributed to the three tiers of government. The federal government got the sum of N43.
037 billion, states received N21.829 billion, the sum of N16.829 billion was allocated to local governments, and N43.
021 billion went for 13 per cent given to derivation. Also, the sum of N19.213 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: the federal government N2.
767 Billion, states N9.222 billion, local governments N6.456 billion, while N0.
768 billion was allocated for cost of collection. The sum of N462.191 billion from Exchange Difference was shared also as follows: federal government N218.
515 billion, states N110.834 billion, the sum of N85.448 billion was allocated to local governments, and N47.
394 billion went for 13 per cent derivation. Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably during the month in review while VAT and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.
The balance in the Excess Crude Account (ECA) as at October 2024 was $473.754. In his opening remarks at the FAAC meeting, Edun restated the commitment of the Tinubu administration to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.
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