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It said that the sum of ₦43.021 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

FAAC shares ₦1.298trn to FG, states, LGs as govt collected more VAT in September | Pulse Nigeria

News Agency Of Nigeria

<h2>The Federal Accounts Allocation Committee (FAAC), has shared ₦1.298 trillion among the Federal Government, states, and the Local Government Councils (LGCs) for September.</h2>

This is according to a communique issued at the end of the FAAC meeting for October held on Thursday in Abuja.

The communiqué was made available to newsmen by Bawa Mokwa, the Director, Press and Public Relations, Office of the Auditor-General of the Federation (OAGF).

According to the communiqué, ₦1.298 trillion total distributable revenue comprised distributable statutory revenue of ₦124.716 billion, and distributable Value Added Tax (VAT) revenue of ₦543.518 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of ₦18. 445 billion, Exchange Difference revenue of ₦462.191 billion and Augmentation of ₦150.000 billion.

It said that a total revenue of ₦2.258 trillion was available in the month of September.

“Total deduction for cost of collection was ₦80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.

According to the communiqué, gross statutory revenue of ₦1.043 trillion was received in September 2024, which was lower than the sum of ₦1.221 trillion received in August by ₦177.426 billion.

It said that gross revenue of ₦583.675 billion was available from VAT in September, higher than the ₦573.341 billion available in the month of August by ₦10.334 billion.

“From the ₦1.298 trillion total distributable revenue, the Federal Government received a total sum of ₦424.867 billion, and the state governments received a total sum of ₦453.724 billion.

“The LGCs received a total sum of ₦329.864 billion and a total sum of ₦90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

On the ₦124.716 billion statutory revenue, the communiqué said that the Federal Government received ₦43.037 billion and the state governments received ₦21.829 billion, while the LGCs received ₦16.829 billion.

It said that the sum of ₦43.021 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“From the ₦543.518 billion VAT revenue, the Federal Government received ₦81.528 billion, the state governments received ₦271.759 billion and the LGCs received ₦190.231 billion,” it said.

It said that in September, Oil and Gas Royalty, Excise Duty, EMTL and CET Levies increased considerably while VAT and Import Duty increased marginally.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and others recorded significant decreases.

FAAC shares ₦1.298trn to FG, states, LGs as govt collected more VAT in September

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