FAAC shares N1.4trillion to FG, states, LGs for October

A total of N1.411 trillion, representing the Federation Accounts revenue for October 2024, has been allocated to the Federal Government, States, and Local Government Councils.

The distribution occurred during the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, in Bauchi State. This information was shared in a statement released on Wednesday, November 20, by Mr. Bawa Mokwa, the Director of Press and Public Relations for the Office of the Accountant General of the Federation (AGF).

According to a communiqué from FAAC, the total gross revenue for October 2024 amounted to N2.668 trillion.

Key deductions and allocations included:
N97.517 billion for collection costs,
N1.159 trillion for transfers, interventions, and refunds.
The remaining distributable revenue of N1.411 trillion comprised:
Distributable statutory revenue: N206.319 billion,
Distributable VAT revenue: N622.312 billion,
Electronic Money Transfer Levy (EMTL) revenue: N17.111 billion,
Exchange Difference revenue: N566.000 billion.