Nigeria’s federal, state, and local governments collectively shared N1.1411 trillion as revenue from the October 2024 Federation Account, marking a significant increase from the previous month’s allocation.
This was disclosed in a statement issued on Wednesday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF).
The total distributable revenue, drawn from a gross revenue of N2.668 trillion, represents an increase of N293.009 billion compared to the N1.043 trillion distributed in September 2024.
The N1.1411 trillion distributed comprised:
- Distributable statutory revenue: N206.319 billion
- Value Added Tax (VAT): N622.312 billion
- Electronic Money Transfer Levy (EMTL): N17.111 billion
- Exchange difference revenue: N566.000 billion
Breakdown of Allocations:
- The Federal Government received N433.021 billion.
- State governments were allocated N490.696 billion.
- Local government councils received N355.621 billion.
- An additional N132.404 billion (13% of mineral revenue) was distributed to oil-producing states as derivation revenue.
The revenue was shared at the Federation Accounts Allocation Committee (FAAC) meeting held in Bauchi State, chaired by the Accountant General of the Federation, Oluwatoyin Madein.
Revenue Increases and Reductions:
The OAGF highlighted notable revenue increases in oil and gas royalty, excise duty, Value Added Tax (VAT), import duty, Petroleum Profit Tax (PPT), and companies income tax (CIT).
However, it noted significant decreases in the Electronic Money Transfer Levy (EMTL) and CET levies.
