Nigeria’s federal, state, and local governments received N1.1411tn in October 2024 from FAAC. Get the breakdown of this revenue allocation.”
Nigeria’s three levels of government—federal, state, and local councils—distributed a total of N1.1411 trillion from the Federation Accounts Allocation Revenue for October 2024.
This information was revealed by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, in a statement released on Wednesday.
The N1.1411 trillion allocation is derived from a gross revenue of N2.668 trillion available for the month.
The amount allocated in October exceeded the N1.043 trillion shared in September 2024 by N293.009 billion.
The total distributable revenue of N1.411 trillion included N206.319 billion in statutory revenue, N622.312 billion in Value Added Tax (VAT) revenue, N17.111 billion from the Electronic Money Transfer Levy (EMTL), and N566.000 billion from exchange differences.
The Federal Government received N433.021 billion, state governments received N490.696 billion, and local councils received N355.621 billion.
Additionally, N132.404 billion, representing 13 percent of mineral revenue, was allocated to the benefiting states as derivation revenue.
The statement noted a significant increase in oil and gas royalties, excise duties, VAT, import duties, petroleum profit tax, and companies income tax, while the EMTL and CET levies saw considerable decreases.
The revenue distribution occurred during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Bauchi State, chaired by Accountant General Oluwatoyin Madein.
