June 23, 2025

FAAC: FG, States, and LGAs Distribute N1.298 Trillion in September

The Federation Account Allocation Committee (FAAC) disbursed N1.298 trillion to the Federal Government, state governments, and Local Government Councils (LGCs) for September. This announcement came from a communiqué released after FAAC’s October meeting in Abuja, as shared by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).

The disbursed amount included N124.716 billion in statutory revenue and N543.518 billion from Value Added Tax (VAT). Other components were N18.445 billion from the Electronic Money Transfer Levy (EMTL), N462.191 billion from Exchange Difference revenue, and a N150 billion augmentation. The total revenue available for September was reported at N2.258 trillion.

The communiqué stated, “Total deductions for collection costs amounted to N80.993 billion, while transfers, interventions, and refunds totaled N878.946 billion.”

Gross statutory revenue for September 2024 was N1.043 trillion, reflecting a decrease of N177.426 billion from August’s N1.221 trillion. Conversely, VAT revenue grew to N583.675 billion in September, an increase of N10.334 billion from the previous month.

Distribution Breakdown

From the total N1.298 trillion, the Federal Government received N424.867 billion, state governments received N453.724 billion, and LGCs were allocated N329.864 billion. Additionally, N90.415 billion (13% of mineral revenue) went to oil-producing states as derivation revenue.

For the N124.716 billion in statutory revenue, the breakdown was as follows: the Federal Government received N43.037 billion, state governments got N21.829 billion, LGCs obtained N16.829 billion, and oil-producing states received an extra N43.021 billion as derivation revenue.

Regarding the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the states N271.759 billion, and LGCs N190.231 billion.

Revenue Trends

The communiqué highlighted significant increases in Oil and Gas Royalty, Excise Duty, EMTL, and CET Levies in September, while VAT and Import Duty showed marginal growth. However, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and other revenues saw considerable declines.

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