The disbursement included Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an augmentation of N150 billion. The Federal Government received N424.867 billion, the States N453.724 billion, and the Local Government Councils N329.864 billion. Additionally, oil-producing states were allocated N90.415 billion as derivation, representing 13% of mineral revenue.
The details were disclosed in a statement on Thursday by Mr. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance.
According to the statement, N80.993 billion was deducted for collection costs, while N878.946 billion was allocated for transfers, interventions, 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 VAT for September 2024 was N583.675 billion, an increase from the N573.341 billion distributed in the previous month,” the statement noted.
Out of this amount, N23.347 billion was allocated for collection costs, while N16.810 billion went towards transfers, interventions, and refunds. The remaining N543.518 billion was distributed among the three tiers of government—N81.258 billion to the Federal Government, N271.759 billion to States, and N190.231 billion to Local Government Councils.
The Gross Statutory Revenue for the month was N1.043 trillion, which was lower than the previous month’s N1.221 trillion by N177.426 billion. Deductions included N56.878 billion for collection costs and N862.136 billion for transfers, interventions, and refunds.
For the remaining N124.718 billion, the Federal Government received N43.037 billion, States N21.829 billion, Local Government Councils N16.829 billion, and N43.021 billion went to derivation revenue for mineral-producing states.
Additionally, N19.213 billion from EMTL was distributed: N2.767 billion to the Federal Government, N9.222 billion to States, N6.456 billion to Local Government Councils, and N0.768 billion for collection costs.
The statement also highlighted the distribution of N462.191 billion from the Exchange Difference—N218.515 billion to the Federal Government, N110.834 billion to States, N85.448 billion to Local Government Councils, and N47.394 billion for derivation to mineral-producing states.
An augmentation of N150 billion was shared as follows: N70.020 billion to the Federal Government, N40.080 billion to States, and N30.900 billion to Local Government Councils.
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“Revenues from oil, royalty, excise duty, EMTL, and CET levies saw significant increases, while VAT and import duty increased marginally. Conversely, Petroleum Profit Tax (PPT) and Company Income Tax (CIT) recorded declines,” the communiqué further detailed.
The total distributable revenue for September 2024 comprised N124.716 billion in statutory revenue, N534.518 billion in VAT, N18.445 billion from EMTL, N462.191 billion from exchange differences, and N150 billion as augmentation, totaling N1.298 trillion.
As of October 2024, the Excess Crude Account (ECA) stands at $473.754 million.
In his opening remarks, Mr. Wale Edun emphasized the commitment of President Bola Ahmed Tinubu’s administration to policies that enhance revenue generation and improve the well-being of Nigerians, aligning with contemporary economic realities.
