On Wednesday, November 20, Nigeria’s three levels of government – federal, state, and local councils – shared a huge amount of N1.141 trillion for the month of October 2024, as part of the Federation Accounts Allocation Revenue.
Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), shared the news in a statement.
The total N1.141 trillion comes from a large pool of N2.668 trillion in gross revenue collected in October. This amount was higher than the N1.043 trillion shared in September 2024, by N293.009 billion.
The N1.141 trillion was made up of different sources:
- N206.319 billion from statutory revenue
- N622.312 billion from Value Added Tax (VAT)
- N17.111 billion from Electronic Money Transfer Levy (EMTL)
- N566.000 billion from exchange differences
Here’s how it was split:
- The Federal Government received N433.021 billion
- State Governments got N490.696 billion
- Local Government Councils received N355.621 billion
In addition, N132.404 billion (13 percent of mineral revenue) was given to the benefiting states as derivation revenue.
The statement also highlighted that in October 2024, oil and gas royalties, excise duties, VAT, import duties, petroleum profit tax (PPT), and companies income tax (CIT) all saw major increases. However, the electronic money transfer levy (EMTL) and customs and excise tax (CET) levies decreased a lot.
The sharing of the revenue took place at the Federation Accounts Allocation Committee (FAAC) meeting in Bauchi State, where the Accountant General of the Federation, Oluwatoyin Madein, chaired the event.
