FG, states, LGAs share N1.4 trillion in October

The Federation Account Allocation Committee (FAAC) has allocated a total of N1.411 trillion to Nigeria’s three tiers of government for October, out of a gross total of N2.668 trillion.

According to a statement signed on Wednesday by the Ministry of Finance spokesperson, Mohammed Manga, the funds were shared at the FAAC’s meeting in Bauchi, chaired by the Accountant General of the Federation, Oluwatoyin Madein.

The allocation consists of revenue from various sources, including Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).

Of the total amount, the Federal Government received N433.021 billion, while State Governments were allocated N490.696 billion, and Local Government Councils (LGCs) received N355.621 billion.

Oil-producing states benefited from a derivation payment of N132.404 billion, representing 13 per cent of Mineral Revenue.

For the same month, the VAT component saw a notable increase, rising to N668.291 billion from N583.676 billion in the previous month.

The federal share from VAT stood at N93.347 billion, with states receiving N311.156 billion and LGCs receiving N217.809 billion. The remaining sum was allocated for cost of collection and refunds.

The total Statutory Revenue for October was N1.336 trillion, marking an increase of N293.009 billion from the previous month’s N1.043 trillion.

From this, N70.072 billion was earmarked for the cost of collection, while N1.060 trillion was allocated for transfers, interventions, and refunds.

A sum of N206.319 billion was then distributed to the three tiers of government: the Federal Government received N77.562 billion, the states received N39.341 billion, and the local governments received N30.330 billion.

Additionally, the government shared N17.824 billion in Electronic Money Transfer Levy (EMTL), with the Federal Government receiving N2.567 billion, states getting N8.555 billion, and LGCs securing N5.989 billion.

The disbursement also included N646.000 billion from Exchange Differences, with the Federal Government receiving the largest share of N259.545 billion, followed by N131.644 billion for States and N101.493 billion for LGCs. Derivation revenue for oil-producing states amounted to N73.318 billion.

Key revenue sources such as Oil and Royalty, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) showed significant increases, though there were declines in EMTL and CET Levies.

In total, the distribution for October was drawn from Statutory Revenue, VAT, EMTL, and Exchange Difference, culminating in a total distributable sum of N1.411 trillion.