Nigeria’s three tiers of government shared a total sum of N1.411 trillion as allocation for the month of October, 2024, from a gross total of N2.668 trillion.
This was announced by Mohammed Manga, FCIA Director, Information and Public Relations, on Wednesday.
He made the disclosure after the Federation Account Allocation Committee (FAAC), November 2024 meeting in Bauchi chaired by Accountant General of the Federation, Dr. Mrs.Oluwatoyin S.Madein,
Manga said that the Federal Government received N433.021 Billion, while the States received N490.696 Billion, and the Local Government Councils got N355.621 Billion.
He also disclosed that the Oil Producing States received N132.404 Billion as Derivation, (13% of Mineral Revenue).
According to Manga, the stated amount is from the Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED).
Explaining further, he said, “the sum of N97.517 Billion was given for the cost of collection, while N1.159 Trillion was allocated for Transfers Intervention and Refunds.
“The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291 Billion as against N583.676 Billion distributed in the preceding month, resulting in an increase of N84.616 Billion.”
In addition, he stated that from the amount, “the sum of N26.732 Billion was allocated for the cost of collection and the sum of N19.247 Billion given for Transfers, Intervention and Refunds.
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