A total of N1.727 trillion, representing the November 2024 Federation Accounts Revenue, was distributed among the Federal, State, and Local Governments during the December meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja on Friday.
The distributed revenue comprised N455.354 billion from statutory allocations, N585.700 billion from Value Added Tax (VAT), N15.046 billion from the Electronic Money Transfer Levy (EMTL), and N671.392 billion from Exchange Difference revenue.
A communiqué issued after the meeting revealed that total gross revenue for November 2024 stood at N3.143 trillion. Out of this amount, N103.307 billion was deducted for the cost of collection, while N1.312 trillion was allocated for transfers, interventions, and refunds.
The gross statutory revenue for the month amounted to N1.827 trillion, reflecting an increase of N490.339 billion from the N1.336 trillion recorded in October 2024. Meanwhile, gross VAT revenue decreased to N628.972 billion in November, down from N668.291 billion in October, marking a decline of N39.318 billion.
From the total distributable revenue of N1.727 trillion, the Federal Government received N581.856 billion, while the State Governments and Local Government Councils received N549.792 billion and N402.553 billion, respectively. An additional N193.291 billion, representing 13% of mineral revenue, was allocated to oil-producing states as derivation revenue.
Breaking down the N455.354 billion statutory revenue, the Federal Government received N175.690 billion, the State Governments N89.113 billion, and the Local Government Councils N68.702 billion, with N121.849 billion allocated to oil-producing states as derivation revenue. For the N585.700 billion VAT revenue, the Federal Government collected N87.855 billion, the State Governments N292.850 billion, and the Local Government Councils N204.995 billion.
The communiqué further disclosed that N15.046 billion from the Electronic Money Transfer Levy (EMTL) was distributed among the Federal Government, State Governments, and Local Government Councils, which received N2.257 billion, N7.523 billion, and N5.266 billion, respectively. Additionally, from the N671.392 billion Exchange Difference revenue, the Federal Government received N316.054 billion, the State Governments N160.306 billion, and the Local Government Councils N123.590 billion, while oil-producing states received N71.442 billion as derivation revenue.
The report noted significant increases in revenue from Oil and Gas Royalty and CET Levies during November 2024. However, declines were observed in several other revenue streams, including Excise Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import Duty, VAT, and EMTL.