Breaking Down FAAC’s October N1.4 Trillion Allocation to Nigerian Government Bodies
The Federation Account Allocation Committee (FAAC) has reportedly shared about ₦1.4 trillion among the Federal Government, states, and local government councils for October 2024.
This amount represents revenue collected in September 2024. It includes allocations from statutory revenue, Value Added Tax (VAT), and other sources like the Electronic Money Transfer Levy (EMTL) and exchange differences.
Breakdown:
- Federal Government: Received a significant portion for national obligations.
- State Governments: Allocated substantial amounts to meet state-level requirements.
- Local Governments: Shared the remaining funds to support grassroots governance and services.
This revenue is part of the monthly disbursement aimed at financing public projects and paying salaries across various government tiers.