R-L : Dr. Mohammed Ali, Director Home Finance, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya mni, Permanent Secretary, Federal Ministry of Finance, Mr Wale Edun, OFR, Honourable Minister of Finance and Coordinating Minister of the Economy and Dr. Oluwatoyin Sakirat Madein, Accountant-General of the Federation during the FAAC Meeting held at the Federal Ministry of Finance Headquarters, Abuja, today.

The Federation Accounts Allocation Committee (FAAC) distributable revenue has experienced a marginal increase of N90 million in the month of September when compared to the month of August, 2004.

This is according to communique released by the Federation Accounts Allocation Committee (FAAC) on Thursday in Abuja.

The statement said a total sum of N1.298 trillion September 2024 Federation Accounts Revenue has been shared to the Federal Government, States and the Local Government Councils, as against the total sum of N1,203 trillion which was generated and shared in August, 2024.

The N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, 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. 

The communiqué stated that from the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion and the State Governments received a total sum of N453.724 billion. The Local Government Councils received a total sum of N329.864 billion and a  total sum of N90.415 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N124.716 billion distributable statutory revenue, the communiqué 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% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N543.518 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N81.528 billion, the State Governments received N271.759 billion and the Local Government Councils received N190.231 billion.

A total sum of N2.767 billion was received by the Federal Government from the N18.445 billion Electronic Money Transfer Levy (EMTL).  The State Governments received N9.222 billion and the Local Government Councils received N6.456 billion.

From the N462.191 billion Exchange Difference revenue, the communiqué stated that 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% 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.