The Federation Account Allocation Committee (FAAC), chaired by the Honourable Minister of Finance, Wale Edun, disbursed a total of N1.289 trillion to the three tiers of government for September 2024. This figure was drawn from a gross total of N2.258 trillion, which included statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), exchange rate difference, and a N150 billion augmentation.

The Federal Government received N424.867 billion, the 36 states were allocated N453.724 billion, and Local Government Councils received N329.864 billion. Oil-producing states benefited from an additional N90.415 billion under the 13% derivation formula. A sum of N80.993 billion was earmarked for collection costs, while N878.946 billion was allocated for transfers, interventions, and refunds.

In September 2024, VAT generated N583.675 billion, marking a slight increase from August’s N573.341 billion. After deductions, N543.518 billion was shared, with the Federal Government receiving N81.258 billion, states N271.759 billion, and LGCs N190.231 billion.

However, gross statutory revenue fell to N1.043 trillion, down by N177.426 billion compared to the previous month. The Federal Government received N43.037 billion from the remaining statutory allocation, while states and LGCs got N21.829 billion and N16.829 billion, respectively. Derivation states were given N43.021 billion.

The FAAC also disbursed N19.213 billion from the EMTL, with the Federal Government getting N2.767 billion, states N9.222 billion, and LGCs N6.456 billion. Exchange difference proceeds of N462.191 billion were also shared, of which the Federal Government received N218.515 billion, states N110.834 billion, and LGCs N85.448 billion.

Minister Wale Edun emphasized the government’s ongoing efforts to boost revenue generation and implement policies that will improve the country’s fiscal health. The balance in the Excess Crude Account as of October 2024 was reported to be $473.754 million.