FAAC: FG, States, LGs, Shares N1.4 Trillion

A total of N1.411 trillion, representing the October 2024 Federation Accounts revenue, has been distributed among the Federal Government, States, and Local Government Councils.

The revenue distribution took place during the November 2024 Federation Accounts Allocation Committee (FAAC) meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, in Bauchi. This was disclosed in a statement by the Director of Press and Public Relations, Office of the AGF, Mr. Bawa Mokwa, earlier today.

According to a communiqué issued by FAAC, the total gross revenue for October 2024 was N2.668 trillion.

From this amount: N97.517 billion was deducted as the cost of collection. N1.159 trillion was allocated for transfers, interventions, and refunds.

The remaining N1.411 trillion distributable revenue was made up of: Distributable statutory revenue: N206.319 billion. Distributable VAT revenue: N622.312 billion Electronic Money Transfer Levy (EMTL) revenue: N17.111 billion Exchange Difference revenue: N566.000 billion