Nigeria’s federal, state, and local government councils shared a total of ₦1.1411 trillion from the October 2024 Federation Accounts Allocation Revenue.
This was disclosed by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), in a statement on Wednesday.
The ₦1.1411 trillion allocation was part of the ₦2.668 trillion gross revenue available in October 2024. This amount was ₦293.009 billion higher than the ₦1.043 trillion distributed in September 2024.
The ₦1.411 trillion total distributable revenue comprised ₦206.319 billion in statutory revenue, ₦622.312 billion in Value Added Tax (VAT) revenue, ₦17.111 billion from the Electronic Money Transfer Levy (EMTL), and ₦566.000 billion in exchange difference revenue.
The Federal Government received ₦433.021 billion, state governments received ₦490.696 billion, and local government councils received ₦355.621 billion. Additionally, ₦132.404 billion (13% of mineral revenue) was allocated to the benefiting states as derivation revenue.
“In October 2024, oil and gas royalty, excise duty, value-added tax (VAT), import duty, petroleum profit tax (PPT), and companies income tax (CIT) increased significantly, while electronic money transfer levy (EMTL) and CET levies decreased considerably,” the statement added.
Get instant and latest news updates via our WhatsApp Community, X/Twitter, or Google News online channel.
