A total of ₦1.727 trillion, representing the Federation Accounts Revenue for November 2024, has been allocated to the Federal Government, State Governments, and Local Government Councils.
This distribution was finalized at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, as revealed in a statement by FAAC’s Director of Press and Public Relations, Bawa Mokwa, on Friday.
The ₦1.727 trillion in distributable revenue is made up of ₦455.354 billion in statutory revenue, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from Exchange Difference revenue.
Mokwa also noted that the total gross revenue available in November 2024 amounted to ₦3.143 trillion.
After deductions for cost of collection, which totaled ₦103.307 billion, and transfers, interventions, and refunds of ₦1.312 trillion, the remaining revenue was shared among the three tiers of government.
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According to the communiqué, gross statutory revenue for November 2024 was ₦1.827 trillion, a substantial increase of ₦490.339 billion over the ₦1.336 trillion recorded in October 2024.
The VAT revenue for November 2024 stood at ₦628.972 billion, a decrease of ₦39.318 billion compared to October 2024’s ₦668.291 billion.
The breakdown of the ₦1.727 trillion distributable revenue is as follows: The Federal Government received ₦581.856 billion, State Governments received ₦549.792 billion, and Local Government Councils were allocated ₦402.553 billion.
Additionally, ₦193.291 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
From the ₦455.354 billion in statutory revenue, the Federal Government received ₦175.690 billion, State Governments received ₦89.113 billion, and Local Government Councils were allocated ₦68.702 billion.
A further ₦121.849 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
The distribution of the ₦585.700 billion in VAT revenue was as follows: the Federal Government received ₦87.855 billion, State Governments received ₦292.850 billion, and Local Government Councils received ₦204.995 billion.
From the ₦15.046 billion in EMTL revenue, the Federal Government received ₦2.257 billion, State Governments received ₦7.523 billion, and Local Government Councils received ₦5.266 billion.
The ₦671.392 billion in Exchange Difference revenue was shared as follows: the Federal Government received ₦316.054 billion, State Governments received ₦160.306 billion, and Local Government Councils received ₦123.590 billion. Additionally, ₦71.442 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
The communiqué further noted that November 2024 saw notable increases in Oil and Gas Royalty and CET Levies, while other revenue sources such as Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and the Electronic Money Transfer Levy (EMTL) saw significant declines.
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