The Federation Account Allocation Committee (FAAC) has distributed a total of N1.41 trillion to the Federal, State, and Local Governments for October 2024, marking a N113 billion increase from the previous month’s allocation.
According to the FAAC communiqué, the Federal Government received N433.021 billion, while the States and Local Government councils got N490.696 billion and N355.621 billion, respectively.
The communique disclosed that oil-producing States also “received N132.404 billion as Derivation” (13% of Mineral Revenue).
The allocation was made possible by a total gross revenue of N2.668 trillion, comprising gross statutory revenue, Value-Added Tax (VAT), electronic money transfer levy, and exchange difference.
“The increase in revenue is a welcome development, and we’re committed to ensuring that these funds are utilized efficiently,” said Oluwatoyin Madein, Accountant-General of the Federation.
The FAAC noted that oil and royalty, excise duty, VAT, import duty, petroleum profit tax, and companies income tax increased significantly, while electronic money transfer levy and CET levies decreased.
This development comes as the National Council on Finance and Economic Development (NACOFED) convenes to discuss strategies for economic growth and development.
The FAAC’s October allocation demonstrates the federal government’s commitment to fiscal transparency and accountability, ensuring that resources are distributed equitably among the three tiers of government.
