The federal government, states, and local government councils have shared a sum of N1.411 trillion as revenue received for October 2024 from federation accounts.
A statement by the office of the accountant general of the federation on Wednesday said the revenue was shared at the November 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Bauchi State and chaired by the accountant general of the federation, Dr. Oluwatoyin Madein.
The N1.411 trillion total distributable revenue comprised statutory revenue of N206.319 billion, Value Added Tax (VAT) revenue of N622.312 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion, and exchange difference revenue of N566.000 billion.
From the N1.411 trillion total distributable revenue, the federal government received a total sum of N433.021 billion, while states received N490.696 billion.
The local government councils received a total sum of N355.621 billion, and a total sum of N132.404 billion, representing 13% of mineral revenue, was shared among the benefiting states as derivation revenue.
