Nigeria Distributes N1.411 Trillion in October Federation Revenue Among Tiers of Government

 

The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.411 trillion in revenue generated for October 2024 among the Federal Government, States, and Local Government Councils. The revenue allocation was finalized during the FAAC meeting held in Bauchi State and chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation.

According to a statement from Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, the total gross revenue for October 2024 amounted to N2.668 trillion.

From this amount:

• N97.517 billion was deducted as the cost of collection.
• N1.159 trillion was earmarked for transfers, interventions, and refunds.
• The remaining N1.411 trillion was distributed among the three tiers of government.

The distributable revenue breakdown is as follows:

• Statutory revenue: N206.319 billion.
• Value Added Tax (VAT) revenue: N622.312 billion.
• Electronic Money Transfer Levy (EMTL) revenue: N17.111 billion.
• Exchange difference revenue: N566.000 billion.

The disbursement reflects efforts to improve revenue mobilization and enhance fiscal federalism. It also highlights the significant contributions of VAT and exchange rate adjustments to the nation’s distributable income.

As Nigeria continues to grapple with fiscal challenges, such allocations are vital for funding development projects and meeting administrative obligations at all levels of government.