The Federation Account Allocation Committee (FAAC), Thursday, disbursed a total of N1.298 trillion to the federal, state, and local governments from a gross revenue of N2.298 trillion for September.
The disbursement was done during the October FAAC meeting in Abuja, which was chaired by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In a statement, Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, said the shared amount comprised Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED) and Augmentation of N150.000 billion.
Citing the communique issued at the end of the meeting, the statement disclosed that the federal government received N424.867 billion, states got N453.724 billion, and local governments received N329.864 billion, while the oil producing states received N90.415 billion as 13 per cent derivation (Mineral Revenue).
The sum of N80.993 billion was given for the cost of collection, while N878.946 billion was allocated for transfers intervention and refunds.
The gross revenue available from VAT for the month of September 2024 was N583.675 billion as against N573.341 billion distributed in the preceding month.
From that amount, N23.347 billion was allocated for the cost of collection while the sum of N16.810 billion was for transfers, intervention and refunds.
The remaining N543.518 billion was distributed to the three tiers of government, with the federal government receiving N81.258 billion, states got N271.759 billion and local government councils N190.231 billion.
The Gross Statutory Revenue of N1.043 trillion received for the month was lower than the sum of N1.221 trillion received in the previous month by N177.426 billion. From the stated amount, the sum of N56.878 billion was allocated for the cost of collection while the sum of N862.136 billion went for transfers, intervention and refunds.
The balance of N124.718 billion was distributed to the three tiers of government.
The federal government got the sum of N43.037 billion, states received N21.829 billion, the sum of N16.829 billion was allocated to local governments, and N43.021 billion went for 13 per cent given to derivation.
Also, the sum of N19.213 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: the federal government N2.767 Billion, states N9.222 billion, local governments N6.456 billion, while N0.768 billion was allocated for cost of collection.
The sum of N462.191 billion from Exchange Difference was shared also as follows: federal government N218.515 billion, states N110.834 billion, the sum of N85.448 billion was allocated to local governments, and N47.394 billion went for 13 per cent derivation.
Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably during the month in review while VAT and Import Duty increased marginally.
Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.
The balance in the Excess Crude Account (ECA) as at October 2024 was $473.754.
In his opening remarks at the FAAC meeting, Edun restated the commitment of the Tinubu administration to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.
Ndubuisi Francis
Follow us on:
Olisa Agbakoba has said the National Assembly may have made errors in the EFCC Act…
Wale Edun has revealed that Nigeria's petrol subsidy has cost the nation approximately 5% of…
Iran stated that "the spirit of resistance will be strengthened" following the death of Hamas…
US indicts former Indian intelligence officer for orchestrating an assassination plot against Khalistan activist.
Senator Yahaya Abdullahi has dismissed claims of northern senators' plot against Akpabio, urging unity in…
NSA Nuhu Ribadu has revealed corrupt security personnel are responsible for leaking government arms to…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=19,500
Royal umbrella=19,500
Mama Gold=19,500
Rising sun=19,500
Mama Africa=19,500
Elephant Gold=19,500
Caprice =19,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
Acura ZDX 1.850,000
Acura MDX 1.6m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9O
Bags of cement #5,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!.📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞