FAAC allocates N2.094trn October revenue to FG, States, LGs

The Federation Account Allocation Committee (FAAC) has distributed a total of N2.094 trillion in revenue for October among the Federal Government, states, and Local Government Councils.

The allocation was announced at the November FAAC meeting held on Wednesday in Abuja, according to a communiqué released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.

The total distributable revenue comprised N1.376 trillion in statutory revenue, N670.303 billion from Value Added Tax (VAT), and N47.870 billion from the Electronic Money Transfer Levy (EMTL). Total gross revenue available for the month was N2.934 trillion, with N115.278 billion deducted as cost of collection and N724.603 billion allocated to transfers, interventions, refunds, and savings.

Gross statutory revenue of N2.164 trillion was recorded for October, up by N36.832 billion from September’s N2.128 trillion, while VAT collections fell to N719.827 billion from N872.630 billion in the previous month.

From the distributable N2.094 trillion, the Federal Government received N758.405 billion, state governments N689.120 billion, and Local Government Councils N505.803 billion. Derivation revenue from mineral resources amounted to N141.359 billion, distributed to the benefiting states.

Breaking down the statutory revenue, the Federal Government collected N650.680 billion, states received N330.033 billion, and LGs were allocated N254.442 billion, with derivation revenue of N141.359 billion included. From VAT proceeds, the Federal Government received N100.545 billion, the states N335.152 billion, and LGs N234.606 billion.

For the EMTL, the Federal Government received N7.180 billion, states received N23.935 billion, and LGs received N16.755 billion.

The allocations reflect ongoing efforts to ensure equitable revenue sharing and support for governance at all tiers of government.