The Federation Account Allocation Committee (FAAC) has released its October 2024 report, showing a gross revenue of N2.668 trillion. This revenue comprises statutory revenue of N1.336 trillion, VAT revenue of N668.291 billion, and exchange difference revenue of N566 billion. However, N97.517 billion was spent on collection costs, while N1.159 trillion went towards transfers, interventions, and refunds.
After deductions, the net distributable revenue stood at N1.411 trillion. This amount was allocated to the three tiers of government, with the federal government receiving N433.021 billion, states getting N490.696 billion, and local governments receiving N355.621 billion. Additionally, N132.404 billion was shared among benefiting states as derivation revenue.
The report also highlights sectoral performance, with increased revenue from oil and gas royalty, excise duty, value VAT, import duty, petroleum profit tax, and companies income tax. Conversely, electronic money transfer levy and CET levies decreased. The report underscores the need for effective utilization of allocated funds to drive economic growth and development.
