•As FG, states, LGAs share N1.4 tr in October
The revenue available for disbursement among the three tiers of government rose by 5.5 per cent or N113 billion to N1.411 trillion in October.
The amount was part of the Federal Account Allocation Committee’s (FAAC) total revenue of N2.67 trillion in the month.
According to FAAC, about 21 per cent of the revenue or N566 billion, came from exchange differential, underscoring the wide gap between the current value of naira and the budget benchmark.
The disclosure was made at the November FAAC meeting held in Bauchi state.
The meeting, which was chaired by the Accountant General of the Federation (AGF), Dr Oluwatoyin Madein, was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.
FAAC, in a communiqué issued at the end of the meeting, said that the N1.411 trillion total distributable revenue comprised distributable statutory revenue of N206.319 billion, distributable VAT revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) (N17.111 billion) and exchange differential revenue of N566 billion.
The communiqué said that a total gross revenue of N2.668 trillion was available in October 2024 of which, N97.517 billion was deducted as cost of collection, while total transfers, interventions and refunds was N1.159 trillion.
According to the communiqué, gross statutory revenue of N1.336 trillion was received for October 2024.
“This was higher than the sum of N1.043 trillion received in September 2024 by N293.009 billion,” it said.
It stated that from the N1.411 trillion total distributable revenue, the Federal Government received N433.021 billion while the state governments received N490.696 billion. Local government council received a total sum of N355.621 billion while a total sum of N132.404 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N206.319 billion distributable statutory revenue, the communiqué stated that the Federal Government received N77.562 billion and the State Governments received N39.341 billion.
The local government councils received N30.33 billion just as N59.086 billion (13 per cent of mineral revenue) went to the benefiting states as derivation revenue.
From the N622.312 billion distributable VAT revenue, the Federal Government received N93.347 billion, the state governments received N311.156 billion whereas 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 EMTL. The state governments received N8.555 billion just as local government councils received N5.989 billion.
From the N566 billion exchange differential revenue, the communiqué stated that the Federal Government was given N259.545 billion while the state governments received N131.644 billion. The local councils were handed N101.493 billion. (Guardian)
