The Federal Government, along with the States and Local Government Councils, will collectively receive N1.411 trillion from a total allocation of N2.668 trillion for the month of October 2024.
During its meeting in November 2024 held in Bauchi and presided over by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein, the Federal Accounts Allocation Committee (FAAC) allocated a total of N1.411 trillion to the three tiers of government. This distribution is part of a gross amount of N2.668 trillion for the month of October 2024.
An amount of N97.517 billion was designated for collection costs, whereas N1.159 trillion was allocated for Transfers, Interventions, and Refunds.
At the conclusion of the meeting, the Federation Account Allocation Committee (FAAC) announced that the Gross Revenue generated from Value Added Tax (VAT) for October 2024 reached N668.291 billion. This figure represents an increase of N84.616 billion compared to the N583.676 billion distributed in the previous month.
Out of the total amount, N26.732 billion was earmarked for collection costs, while N19.247 billion was allocated for Transfers, Interventions, and Refunds. The remaining N622.312 billion was distributed among the three levels of government: the Federal Government received N93.347 billion, the States were allocated N311.156 billion, and Local Government Councils received N217.809 billion.
The Gross Statutory Revenue for the month amounted to N1.336 Trillion, representing an increase of N293.009 Billion compared to the N1.043 Trillion received the previous month. Out of this total, N70.072 Billion was designated for collection expenses, while N1.060 Trillion was allocated for Transfers, Interventions, and Refunds.