Data released by the Office of the Accountant General of the Federation (OAGF) shows that all three tiers of government in Nigeria shared N1.411 trillion during the Federation Accounts Allocation Committee (FAAC) meeting held in Bauchi on Wednesday, November 20.
In Nigeria, the federal government, states, and local government councils meet monthly to share revenues from the previous month in the federation account.
Dr. Oluwatoyin Madein of OAGF gave the distribution breakdown during Wednesday’s FAAC meeting in Bauchi State.
The shared revenue came from N1.319 trillion in distributable statutory revenue, N1.312 billion in Value-Added Tax (VAT), N17.111 billion in Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue.
The total gross revenue for October was N2.668 trillion, with deductions of N97.517 billion for collection costs and N1.159 trillion for transfers and refunds, leaving the balance of N1.411 trillion for sharing.
The Federal Government received N433.021 billion, State Governments received N490.696 billion, and Local Government Councils received N355.621 billion.
N73.318 billion (13% of mineral revenue) was additionally distributed among the oil-bearing states, mainly the Niger Delta states.
Key revenue sources include oil and gas royalty, excise duty, VAT, import duty, petroleum profit tax (PPT), and company income tax (CIT). Their contributions to the general pool saw an upward tick, while EMTL and CET Levies decreased considerably.
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