Fatshimetrie, a well-known news portal, recently released a report detailing the distribution of the Federation’s revenue in Nigeria for the month of September 2024. The report revealed that the total sum of N1.298 trillion was shared between the Federal Government, State Governments and Local Governments from the Federation’s revenue for the month.
According to the Director of Public Relations, Office of the Comptroller General of the Federation, Mr. Bawa Mokwa, the distributable revenue comprised N124.716 billion from statutory sources and N543.518 billion from Value Added Tax (VAT).
Other sources of revenue that contributed to the sharing included Electronic Transfer Levy (EMTL) to the tune of N18.445 billion, Foreign Exchange Revenue of N462.191 billion, as well as an increase of N150 billion.
Total disposable revenue for the month of September 2024 stood at N2.258 trillion. Deductions for collection costs stood at N80.993 billion, while transfers, interventions and refunds stood at N878.946 billion.
Statutory gross revenue for September 2024 stood at N1.043 trillion, down by N177.426 billion from N1.221 trillion received in August 2024. However, gross VAT receipts increased to N583.675 billion in September 2024, up by N10.334 billion from N573.341 billion in August.
Of the N1.298 trillion distributed, the Federal Government received N424.867 billion, State Governments received N453.724 billion and Local Councils received N329.864 billion. In addition, N90.415 billion, representing 13% of the mineral revenue, was allocated to oil-producing states as derivation revenue.
Of the N124.716 billion distributable statutory revenue, the Federal Government received N43.037 billion, State Governments N21.829 billion and Local Councils N16.829 billion. Oil-producing states received N43.021 billion as derivation revenue.
As for the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, State Governments N271.759 billion and Local Councils N190.231 billion.
Also, the N18.445 billion from the Electronic Transfer Tax was shared between the Federal Government which received N2.767 billion, State Governments N9.222 billion and Local Councils N6.456 billion.
As for the N462.191 billion from foreign exchange revenue, the Federal Government received N218.515 billion, State Governments N110.834 billion, Local Governments N85.448 billion, and Oil Producing States N47.394 billion as derivation.
Finally, out of the N150 billion increment, the Federal Government received N79.020 billion, State Governments N40.080 billion and Local Governments N30.900 billion.
This sharing of the Federation’s revenue reflects the importance of transparency and accountability in the management of national resources, and underscores the need for all levels of government to work together to ensure equitable and sustainable development across Nigeria.