The Federation Accounts Allocation Committee (FAAC) has distributed N1.411 trillion from the October 2024 Federation Accounts revenue to the Federal Government, states, and Local Government Councils. This significant allocation was announced at the November 2024 FAAC meeting, chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation, in Bauchi.

The total gross revenue for October 2024 stood at N2.668 trillion. After necessary deductions, including N97.517 billion for the cost of collection, and Ntotal gross revenue1.159 trillion for transfers, interventions, and refunds, the remaining N1.411 trillion was made available for distribution.

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The breakdown of the distributable revenue includes: N206.319 billion from statutory revenue, N622.312 billion from VAT revenue, N17.111 billion from the Electronic Money Transfer Levy (EMTL) revenue, and N566.000 billion from Exchange Difference revenue. This allocation aims to support the operational needs of the federal and state governments, as well as local councils.