September 2024: FAAC distributes N1.3trn to Federal, State, and LGs

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.298 trillion to the Federal Government, State Governments, and Local Government Councils from September 2024 Federation Account revenues.

This was disclosed in a statement by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.

The revenue sources include N124.716 billion from statutory allocations, N543.518 billion from Value Added Tax (VAT), N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and an Augmentation of N150 billion. The gross statutory revenue for September was N1.043 trillion, a drop from August’s N1.221 trillion.

Of the distributed funds, the Federal Government received N424.867 billion, State Governments N453.724 billion, and Local Government Councils N329.864 billion, with oil-producing states receiving N90.415 billion as derivation revenue.

This distribution highlights the ongoing financial allocations supporting Nigeria’s federal, state, and local government functions.