The Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Mr. Bawa Mokwa, has disclosed that a total of ₦1.298 trillion was shared among the Federal Government, State Governments, and Local Government Councils from the September 2024 Federation Account revenues. Mokwa explained that the total distributable revenue included ₦124.716 billion from statutory sources and ₦543.518 billion from Value Added Tax (VAT) collections.
Other sources contributing to the shared revenue were the Electronic Money Transfer Levy (EMTL) at ₦18.445 billion, Exchange Difference revenue of N462.191 billion, and an Augmentation of ₦150 billion.
For September 2024, total available revenue amounted to ₦2.258 trillion. Deductions for the cost of collection stood at ₦80.993 billion, while transfers, interventions, and refunds accounted for ₦878.946 billion.
The gross statutory revenue for September 2024 was ₦1.043 trillion, which was ₦177.426 billion lower than the ₦1.221 trillion received in August 2024. However, gross VAT revenue increased to ₦583.675 billion in September 2024, up by ₦10.334 billion from August’s N573.341 billion.
Of the ₦1.298 trillion distributed, the Federal Government received ₦424.867 billion, State Governments received N453.724 billion, and Local Government Councils received ₦329.864 billion. A further ₦90.415 billion, representing 13% of mineral revenue, was allocated to oil-producing states as derivation revenue.
From the ₦124.716 billion in distributable statutory revenue, the Federal Government received ₦43.037 billion, State Governments ₦21.829 billion, and Local Government Councils ₦16.829 billion. Oil-producing states received ₦43.021 billion as derivation revenue.
In terms of the ₦543.518 billion VAT revenue, the Federal Government was allocated ₦81.528 billion, State Governments ₦271.759 billion, and Local Government Councils ₦190.231 billion.
Additionally, the ₦18.445 billion from the EMTL was shared with the Federal Government receiving ₦2.767 billion, State Governments ₦9.222 billion, and Local Governments ₦6.456 billion.
From the ₦462.191 billion Exchange Difference revenue, the Federal Government received ₦218.515 billion, State Governments ₦110.834 billion, Local Governments ₦85.448 billion, and oil-producing states ₦47.394 billion as derivation.
Finally, from the ₦150 billion Augmentation, the Federal Government was allocated ₦79.020 billion, State Governments ₦40.080 billion, and Local Government Councils ₦30.900 billion.
