The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.298 trillion to the three tiers of government as Federation Allocation for the month of September 2024.

This amount is part of a gross total of N2.298 trillion, which includes Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference, and Augmentation of N150 billion.

The breakdown of the allocation shows that the Federal Government received N424.867 billion, while the States and Local Government Councils received N453.724 billion and N329.864 billion, respectively.

Additionally, Oil Producing States received N90.415 billion as Derivation, representing 13% of Mineral Revenue.

The FAAC meeting, chaired by Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also noted an increase in VAT revenue for September 2024, with N583.675 billion available, compared to N573.341 billion in the preceding month.

Here’s a summary of how the funds were allocated:

– Value Added Tax (VAT): N543.518 billion was distributed among the three tiers of government, with the Federal Government receiving N81.258 billion, States getting N271.759 billion, and Local Government Councils receiving N190.231 billion.

– Gross Statutory Revenue: N124.718 billion was distributed, with the Federal Government receiving N43.037 billion, States getting N21.829 billion, Local Government Councils receiving N16.829 billion, and Derivation Revenue receiving N43.021 billion.

– Electronic Money Transfer Levy (EMTL): N19.213 billion was distributed, with the Federal Government receiving N2.767 billion, States getting N9.222 billion, Local Government Councils receiving N6.456 billion, and N0.768 billion allocated for Cost of Collection.

– Exchange Difference: N462.191 billion was shared, with the Federal Government receiving N218.515 billion, States getting N110.834 billion, Local Government Councils receiving N85.448 billion, and N47.394 billion allocated for Derivation.

– Augmentation: N150 billion was shared, with the Federal Government receiving N70.020 billion, States getting N40.080 billion, and Local Government Councils receiving N30.900 billion.

The FAAC meeting also observed significant increases in Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL), and CET levies, while Value Added Tax (VAT) and Import Duty increased marginally.

However, Petroleum Profit Tax (PPT) and Company Income Tax (CIT) recorded significant decreases.