FAAC shares N1.298trn to FG, states, LGs for September

The Federation Account Allocation Committee (FAAC) has shared N1.298 trillion among federal, states and local governments from the federal revenue receipts in September 2024.

The committee shared the allocations at its monthly meeting in October chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

The allocation was from the total revenue of N2.298 trillion from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N150 billion.

The Federal Government received N424.867 billion, the States N453.724 billion, while Local Governments received N329.864 billion.

The Oil-Producing States were allocated N90.415 billion as Derivation (13% of Mineral Revenue).

In addition, N80.993 billion was allocated for collection costs, and N878.946 billion was set aside for Transfers, Intervention, and Refunds.