Gross statutory revenue earnings increased as Federal, States and Local Governments shared N1.411 trn. for October 2024.
Details contained in the communique issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Bauchi State showed that gross total revenue realised from all revenue stream stood at about N2.668trn.
Out of the amount, the communique said the meeting chaired by the Accountant General of the Federation, Mrs.Oluwatoyin Madein, shared a total of N1.411trn. to the three tiers of government as Federation Allocation for the month.
The amount included Gross Statutory Revenue of N1.336trn.’ Value Added Tax (VAT) of NN668.291bn., Electronic Money Transfer Levy (EMTL) of N17.824bn., and Exchange Difference (ED) of N646bn.
A breakdown of the distribution of the revenue allocations showed that the Federal Government received N433.021bn., States N490.696bn., Local Government Councils N355.621bn., while the Oil Producing States got N132.404bn. as Derivation, (13% of Mineral Revenue).
Also, about N97.517bn. was given to the revenue generation agencies, namely the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the cost of collection, while N1.159trn. was allocated for statutory Transfers Intervention and Refunds.
The Communique issued by the FAAC Secretariat at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for October 2024 of about N668.291bn. was higher by N84.616bn. than about N583.676bn. distributed in the preceding month.
From that amount, about N26.732bn. was allocated for the cost of collection, while about N19.247bn went for Transfers, Intervention and Refunds, and the remaining N622.312bn. distributed to the three tiers of government. Federal Government got N93.347bn, States N311.156bn and Local Government Councils N217.809bn.
The Gross Statutory Revenue of N1.336trn. received for the month was higher than the N1.043trn realised in the previous month by N293.009bn., out of which N70.072bn was allocated for the cost of collection and N1.060trn for Transfers, Intervention and Refunds.
The remaining balance of N206.319bn was distributed to the three tiers of government as follows: Federal Government N77.562bn, States N39.341bn, while N30.330bn was allocated to LGCs and N59.086 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N17.824bn from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: Federal Government N2.567bn, States N8.555bn, Local Government Councils N5.989bn, while N0.713bn was allocated for Cost of Collection.
The Communique also disclosed that about N646bn realised from Exchange Difference was shared as follows: Federal Government N259.545bn, States N131.644bn, while N101.493 bn was allocated to Local Government Councils, N73.318bn given for Derivation (13% of Mineral Revenue), and N80bn allocated to Transfers, Interventions and Refunds.
Further details showed Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.
The total revenue distributable for the current month was drawn from Statutory Revenue of N206.319bn, Value Added Tax (VAT) of N622.312bn, N17.111bn from Electronic Money Transfer Levy (EMTL), and N566bn from Exchange Difference, bringing the total distributable amount for the month to N1.411 Trillion
