The Federation Accounts Allocation Committee (FAAC) has shared a total of N1.727 trillion among the Federal Government (FG), state governments, and local government areas (LGs) for the month of November 2024.
This was disclosed in a communiqué issued after the FAAC meeting held on recently in Abuja.
The total distributable revenue of N1.727 trillion includes statutory revenue of N455.354 billion, distributable value added tax (VAT) revenue of N585.700 billion, electronic money transfer levy (EMTL) revenue of N15.046 billion, and exchange difference revenue of N671.392 billion.
According to the communiqué, the total gross revenue for the month stood at N3.143 trillion. After deductions for the cost of collection, which amounted to N103.307 billion, and transfers, interventions, and refunds totalling N1.312 trillion, the distributable revenue amounted to N1.727 trillion.
The communiqué further explained that the statutory revenue of N1.827 trillion in November 2024 was higher than the N1.336 trillion recorded in October 2024 by N490.339 billion. VAT revenue for November amounted to N628.972 billion, a decrease of N39.318 billion compared to October’s figure of N668.291 billion.
The breakdown of the N1.727 trillion total revenue saw the federal government receiving N581.856 billion, state governments receiving N549.792 billion, and local governments receiving N402.553 billion. Additionally, a total of N193.291 billion, representing 13% of mineral revenue, was shared among the states that benefit from derivation revenue.
On the statutory revenue, the federal government received N175.690 billion, while the state governments and local governments received N89.113 billion and N68.702 billion, respectively. Derivation revenue, totalling N121.849 billion, was allocated to the states that benefit from mineral resources. From the VAT revenue of N585.700 billion, the federal government received N87.855 billion, the state governments received N292.850 billion, and the local governments received N204.995 billion.
Regarding the EMTL revenue of N15.046 billion, the Federal Government received N2.257 billion, the state governments received N7.523 billion, and the local governments received N5.266 billion.
The communiqué also noted that Oil and Gas Royalty and CET Levies experienced significant increases. However, revenues from excise duty, VAT, import duty, petroleum profit tax, companies income tax, and EMTL saw notable declines.
