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FAAC Distributes ₦1.411 Trillion To Federal, State, LGs

Kehinde Fajobi

A total of ₦1.411 trillion from the October 2024 Federation Accounts revenue has been distributed among the Federal Government, states, and local government councils.

The revenue allocation was announced 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 in the Office of the Accountant General of the Federation (AGF), Mr Bawa Mokwa, earlier today.

According to a communiqué issued by FAAC, the gross revenue for October 2024 stood at ₦2.668 trillion. Of this amount:

₦97.517 billion was deducted as the cost of collection.

₦1.159 trillion was allocated for transfers, interventions, and refunds.

The remaining ₦1.411 trillion was distributed as follows:

₦206.319 billion from distributable statutory revenue.

₦622.312 billion from Value Added Tax (VAT) revenue.

₦17.111 billion from the Electronic Money Transfer Levy (EMTL).

₦566.000 billion from exchange difference revenue.

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