The Federation Account Allocation Committee (FAAC), chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened in December 2024 to distribute N1.727 trillion to the three tiers of government for November 2024. This allocation came from a gross total revenue of N3.143 trillion, including Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
The Federal Government received N581.856 billion, while the States and Local Government Councils (LGCs) were allocated N549.792 billion and N402.553 billion, respectively. Oil-producing states, benefiting from a 13% derivation formula, got N193.291 billion.
Key highlights from the FAAC communiqué reveal a VAT revenue of N628.972 billion, a decrease of N39.318 billion compared to October’s allocation of N668.291 billion. After deductions for collection costs (N25.159 billion) and transfers and refunds (N18.114 billion), the remaining N628.973 billion was distributed, with the Federal Government receiving N87.855 billion, States N292.850 billion, and LGCs N204.995 billion.
Gross Statutory Revenue rose significantly in November to N1.827 trillion, up by N490.339 billion from October. After allocations for collection costs and refunds, N455.354 billion was shared among the three tiers: Federal Government (N175.690 billion), States (N89.113 billion), LGCs (N68.702 billion), and oil-producing states (N121.849 billion).
Additionally, N15.046 billion from the EMTL was distributed, with the Federal Government receiving N2.257 billion, States N7.523 billion, and LGCs N5.266 billion. Exchange Difference proceeds amounted to N671.392 billion, shared as Federal Government (N316.054 billion), States (N160.306 billion), LGCs (N123.590 billion), and oil-producing states (N71.442 billion).
Despite increased revenues from oil and gas royalties and CET levies, declines were noted in VAT, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL.
The total distributable revenue for November 2024 was derived from Statutory Revenue (N455.354 billion), VAT (N585.700 billion), EMTL (N15.046 billion), and Exchange Difference (N671.392 billion), culminating in the shared sum of N1.727 trillion.
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