The Federation Accounts Allocation Committee (FAAC) has distributed N1.727 trillion among the Federal Government, state governments, and local government councils for November 2024. This was disclosed in a communiqué issued after FAAC’s meeting in Abuja on Thursday.
The total distributable revenue includes:
– Statutory revenue: N455.354 billion
– Value Added Tax (VAT): N585.700 billion
– Electronic Money Transfer Levy (EMTL): N15.046 billion
-Exchange Difference revenue: N671.392 billion
The communiqué reported that November’s gross revenue totaled N3.143 trillion, with deductions for cost of collection amounting to N103.307 billion and N1.312 trillion allocated for transfers, interventions, and refunds.
Gross statutory revenue for November stood at N1.827 trillion, a significant increase of N490.339 billion compared to October’s N1.336 trillion. However, VAT revenue fell to N628.972 billion, down by N39.318 billion from October’s figure.
Allocation of the N1.727 Trillion
– Federal Government: N581.856 billion
– State Governments: N549.792 billion
– Local Government Councils: N402.553 billion
– Mineral Derivation States: N193.291 billion (13% of mineral revenue)
Statutory Revenue Distribution (N455.354 billion):
– Federal Government: N175.690 billion
– State Governments: N89.113 billion
– Local Governments: N68.702 billion
– Mineral Derivation States: N121.849 billion
VAT Revenue Distribution (N585.700 billion):
– Federal Government: N87.855 billion
– State Governments: N292.850 billion
– Local Governments: N204.995 billion
EMTL Revenue Distribution (N15.046 billion):
– Federal Government: N2.257 billion
– State Governments: N7.523 billion
– Local Governments: N5.266 billion
The communiqué noted significant increases in Oil and Gas Royalty and CET Levies but declines in revenues from Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL.
This allocation reflects ongoing efforts to distribute national revenues equitably while addressing fluctuations in revenue streams.
