The Federation Account Allocation Committee (FAAC) has distributed a whopping sum of N1.727 trillion to the Federal Government, states, and local government councils (LGCs) as Federation Allocation for November 2024.
This was disclosed during FAAC’s December 2024 meeting, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The allocation, drawn from a gross total revenue of N3.143 trillion, included contributions from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
The Federal Government received N581.856 billion, states were allocated N549.792 billion, and local government councils received N402.553 billion. Oil-producing states received an additional N193.291 billion as derivation revenue, representing 13 pet cent of mineral revenue.
A breakdown of the revenue shows that N103.307 billion was allocated for collection costs, while N1.312 trillion was earmarked for transfers, interventions, and refunds.
The gross revenue from VAT for November 2024 totaled N628.972 billion, reflecting a decrease of N39.318 billion compared to October’s figure of N668.291 billion.
Of the VAT revenue, N25.159 billion was allocated for collection costs, and N18.114 billion for transfers, interventions, and refunds. The remaining N628.973 billion was distributed as follows, federal government got N87.855 billion, state, N292.850 billion, local government councils received N204.995 billion.
Statutory revenue for November 2024 stood at N1.827 trillion, an increase of N490.339 billion from the previous month’s N1.336 trillion.
After deducting collection costs of N77.521 billion and allocating N1.294 trillion for transfers, interventions, and refunds, the remaining N455.354 billion was distributed as follows: N175.690 billion to the FG, N89.113 billion to the states, N68.702 billion to local government councils, and N121.849 billion to oil-producing states as 13 per cent derivation revenue.
A total of N15.046 billion from the EMTL was distributed among the three tiers of government, with the FG receiving N2.257 billion, states allocated N7.523 billion, and local government councils receiving N5.266 billion.
Moreover, N671.392 billion from Exchange Difference was shared, with the Federal Government receiving N316.054 billion, states allocated N160.306 billion, local government councils receiving N123.590 billion, and oil-producing states (13% derivation) getting N71.442 billion.
While oil and gas royalties and CET levies recorded significant increases, other revenue streams such as VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL saw considerable declines.
The total distributable revenue for November 2024 comprised N455.354 billion from statutory revenue, N585.700 billion from VAT, N15.046 billion from EMTL, and N671.392 billion from Exchange Difference, culminating in the N1.727 trillion shared for the month.
