FG, States, LGAs Share N1.41 trillion Allocation for October – FAAC
The federation account allocation committee (FAAC) says it shared N1.41 trillion among the three tiers of government in October 2024.
The amount shared represents an increase of N113 billion compared to the N1.29 trillion shared in September.
The allocation figures were captured in a FAAC communique issued at its monthly meeting on Wednesday, chaired by Oluwatoyin Madein, accountant-general of the federation.
The committee’s meeting was held after the 2024 national council on finance and economic development (NACOFED) hosted by the Bauchi state government.
The FAAC said the total gross revenue for October was N2.668 trillion.
The committee said the distributable revenue of N1.41 trillion comprises gross statutory revenue (N206.319 billion), value-added tax (N622.312 billion), electronic money transfer levy (N17.111 billion), and the exchange difference (N566 billion).
The communique said out of the amount, the federal government received N433.021 billion, the states got N490.696 billion while N355.621 billion, went to the local government councils.
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