Finance
FAAC shares N1.114trn to federal, states, local governments
The Federal Accounts Allocation Committee (FAAC) has shared N1.411 trillion to the federal, state, and local governments from federal revenue realised in October 2024. This was disclosed by the committee in Bauchi on Wednesday after its meeting chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein. According to the communiqué, the N1.114 trillion shares was from total gross revenue of N2.668 trillion available in October 2024.
The total deduction for cost of collection was N97.517 billion, while total transfers, interventions and refunds was N1.159 trillion. The federal government received N433.021 billion, while the state governments received N490.696 billion. The local government received N355.621 billion, while N132.404 billion mineral revenue was shared among the beneficiary states based on derivation.
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