Revenue drops by N177.42b as FG, states, LGs share N1.298tr in September

Nigerian statutory revenue inflows dropped by N177.426 billion in September from N1.221 trillion received in the month of August 2024 to N1.043 trillion.

FAAC reports that in September 2024, Oil and Gas Royalties, Excise Duty, Electronic Money Transfer Levy (EMTL) and CET Levies increased considerably, while Value Added Tax (VAT) and Import Duty increased marginally. It also noted that petroleum profit tax (PPT), company income tax (CIT) and others recorded significant decreases.

This was announced at the October 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja on Thursday.

A communiqué from the meeting said a total sum of N 1.298 trillion September 2024 Federation Accounts Revenue was shared to the Federal Government, States and Local Government Areas (LGAs).

It said the N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, distributable value-added tax (VAT) revenue of N543.518 billion, electronic money transfer levy (EMTL) revenue of N18.445 billion, exchange difference revenue of N462.191 billion and augmentation of N150.000 billion.

FAAC said that total revenue of N2.258 trillion was available in the month of September 2024. The total deduction for the cost of collection was N80.993 billion, while total transfers, interventions and refunds were N878.946 billion.

According to the communiqué, gross revenue of N583.675 billion was available from the Value Added Tax (VAT) in September 2024. This was higher than the N573.341 billion available in the month of August 2024 by N10.334 billion.

“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion and the State Governments received a total sum of N453.724 billion. The local government councils received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué said.

On the N124.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N43.037 billion and the State Governments received N21.829 billion. The local government councils received N16.829 billion and the sum of N43.021 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

It further notes that from the N543.518 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N81.528 billion, the State Governments received N271.759 billion and the Local Government Councils received N190.231 billion.

“A total sum of N2.767 billion was received by the Federal Government from the N18.445 billion Electronic Money Transfer Levy (EMTL). The state governments received N9.222 billion and the local government councils received N6.456 billion,” it said.

From the N462.191 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N218.515 billion and the State Governments received N110.834 billion. The local government councils received N85.448 billion, while the sum of N47.394 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

It said the Federal Government received N79.020 billion, the State Governments received N40.080 billion and the Local Government Council received N30.900 billion from the N150.000 billion augmentation.