FAAC Allocates N1.41 Trillion October Revenue; Federation Account Records N2.668 Trillion Gross Income

-


The Federation Account Allocation Committee (FAAC) disbursed a total of N1.411 trillion to federal, state, and local governments, as well as other stakeholders, for October 2024. This figure represents a significant reduction from the gross revenue of N2.668 trillion generated during the same period.

According to a communique from the Office of the Accountant General of the Federation (OAGF), the distribution occurred during the November 2024 FAAC meeting in Bauchi State. The meeting was chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation, following the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State government.

Revenue Breakdown

The N1.411 trillion total distributable revenue consisted of:

Statutory revenue: N206.319 billion

Value Added Tax (VAT): N622.312 billion

Electronic Money Transfer Levy (EMTL): N17.111 billion

Exchange Difference revenue: N566 billion


From the gross revenue of N2.668 trillion, the cost of collection amounted to N97.517 billion, while total transfers, interventions, and refunds consumed N1.159 trillion.

Statutory Revenue Highlights

Gross statutory revenue for October 2024 stood at N1.336 trillion, an increase of N293.009 billion compared to September's N1.043 trillion. Similarly, gross VAT revenue rose to N668.291 billion, up by N84.616 billion from September’s N583.675 billion.

Allocation to Tiers of Government

From the total distributable revenue:

Federal Government: N433.021 billion

State Governments: N490.696 billion

Local Government Councils: N355.621 billion

Derivation Revenue (13% of mineral revenue): N132.404 billion


Further breakdown includes:

From the statutory revenue of N206.319 billion:

Federal Government: N77.562 billion

State Governments: N39.341 billion

Local Governments: N30.330 billion

Derivation Revenue: N59.086 billion


From the VAT revenue of N622.312 billion:

Federal Government: N93.347 billion

State Governments: N311.156 billion

Local Governments: N217.809 billion


From the EMTL revenue of N17.111 billion:

Federal Government: N2.567 billion

State Governments: N8.555 billion

Local Governments: N5.989 billion


From the Exchange Difference revenue of N566 billion:

Federal Government: N259.545 billion

State Governments: N131.644 billion

Local Governments: N101.493 billion

Derivation Revenue: N73.318 billion



Revenue Trends

Notably, revenues from Oil and Gas Royalties, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) witnessed significant increases in October. However, revenues from the Electronic Money Transfer Levy (EMTL) and CET levies saw considerable declines.


Comments

Post a Comment

Popular posts from this blog

Title: Nepotism on the Bench: The Impact of Political Favoritism in Nigeria's Judiciary

-
Image
  In Nigeria, the judiciary stands as a pillar of democracy, tasked with upholding the rule of law and ensuring justice for all. However, recent events have cast a shadow over the integrity of the judiciary, as political favoritism and nepotism have infiltrated the process of judicial appointments. One glaring example of this troubling trend emerged with the recent list of appointments to the appeal court, where the wife of Nyesom Wike, the Minister of Federal Capital Territory, secured a position. This appointment raised eyebrows and sparked widespread debate about the fairness and transparency of the selection process. Nepotism, the practice of favoring relatives or friends in appointments, promotions, or business dealings, has long plagued Nigerian society. In the context of the judiciary, nepotism undermines the principles of meritocracy and impartiality, eroding public trust in the legal system. The appointment of family members of high-ranking politicians to judicial position...
Read more

Appeal Court Overturns Federal High Court Judgment on Rivers LG Polls

-
Image
The Court of Appeal in Abuja has nullified a Federal High Court ruling that prohibited the Independent National Electoral Commission (INEC) from providing the Rivers State Independent Electoral Commission (RSIEC) with the voters' register required for conducting local government elections. Justice Peter Lifu of the Federal High Court had earlier ruled against INEC's involvement, citing alleged non-compliance with electoral laws. However, the Rivers State High Court had previously mandated RSIEC to proceed with the elections using the 2023 voters' register, ensuring adherence to the expiration of prior local government officials' tenure in June. Context of the Rulings Justice I. Igwe of the Rivers State High Court directed RSIEC to conduct the local polls promptly, referencing constitutional and legal obligations under Section 7(1) of the Nigerian Constitution and the RSIEC Law of 2018. The court also highlighted a recent Federal Government directive urging states to ens...
Read more

Rivers State to Receive Federal Allocation Despite Ongoing Legal Dispute

-
Image
The Federal Government has confirmed that Rivers State will continue to receive its federal allocations, despite a pending legal dispute challenging the disbursement of funds. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), clarified on Friday that a notice of appeal filed by the Rivers State government has effectively suspended the earlier judgment barring the release of allocations. “Since there is a notice of appeal, it has overridden the earlier court judgment. As a matter of law, Rivers State will be paid while the appeal is ongoing,” Mokwa stated. Legal Background On October 30, 2024, the Federal High Court in Abuja issued a ruling barring the Federal Government and the Central Bank of Nigeria (CBN) from releasing monthly allocations to Rivers State. The judgment followed a suit filed by the Martins Amaewhule-led faction of the Rivers State House of Assembly. Justice Joyce Abdulmalik, who presided ov...
Read more