The federation account purse recorded an extra N113 billion revenue flow in the month of October culminating in sharing a total sum of N1.411 trillion compared to N1.298 trillion revenue shared in the month of September.
The Federation Account Allocation and Fiscal Committee (FAAC) which met in Bauchi State on Wednesday approved N1.411 trillion for the three tiers of government comprising federal, state and local government councils.
The amount was for October revenue shared in November.
In a statement issued by the Director of Information in the Office of the Accountant General of the Federation, Mallam Bawa Mokwa said the session was chaired by the Accountant General of the Federation. Dr Oluwatoyin Madein.
The N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111billion and Exchange Difference revenue of N566.000 billion.
A total gross revenue of N2.668 trillion was available in the month of October 2024. The total deduction for the cost of the collection was N97.517 billion while total transfers, interventions and refunds were N1.159 trillion.
In the month under review, gross statutory revenue of N1.336 trillion was received, an amount higher than the sum of N1.043 trillion received in the month of September 2024 by N293.009 billion.
Gross revenue of N668.291 billion was available from the Value Added Tax (VAT) in October 2024. This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.
Of the N1.411 trillion total distributable revenue, the Federal Government received a total sum of N433.021 billion and the State Governments received a total sum of N490.696 billion. The Local Government Councils received a total sum of N355.621 billion and a total sum of N132.404 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
On the N206.319 billion distributable statutory revenue, the Federal Government received N77.562 billion and the State Government received N39.341 billion.
The Local Government Councils received N30.330 billion and the sum of N59.086 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
From the N622.312 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N93.347 billion, the State Governments received N311.156 billion and the Local Government Councils received N217.809 billion.
A total sum of N2.567 billion was received by the Federal Government from the N17.111 billion Electronic Money Transfer Levy (EMTL). The State Governments received N8.555 billion and the Local Government Councils received N5.989 billion.
From the N566.000 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N259.545 billion and the State Governments received N131.644 billion.
The Local Government Councils received N101.493 billion, while the sum of N73.318 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
