FAAC Disburse N1.298trn to FG, States, Councils in October 2024

By Modupe Gbadeyanka

The sum of N1.298 trillion has been shared among the federal government, 36 states governments and the 774 local government areas of the federation from the revenue generated by the country in September 2024.

The funds were disbursed to the three tiers of government at the Federation Account Allocation Committee (FAAC) meeting held in October 2024.

The revenue comprised

Last month, according to a statement issued by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Mr Bawa Mokwa, the nation generated N2.258 trillion, but deductions for the cost of collection was N80.993 billion, with transfers, interventions, and refunds accounting for N878.946 billion.

From this generated earnings, FAAC shared N1.298 trillion, with the federal government getting N424.867 billion, the state governments receiving N453.724 billion, the local councils taking N329.864 billion, and N90.415 billion given to benefiting states as 13 per cent derivation revenue.

Mr Mokwa stated the gross statutory revenue for last month was N1.043 trillion, lower than the N1.221 trillion recorded in August 2024, with Value-Added Tax (VAT) rising by N10.334 billion to N583.675 billion from the N573.341 billion achieved in the earlier month.