FG, States, And Local Councils Share N1.727 Trillion FAAC Revenue For November.
The Federation Account Allocation Committee (FAAC) has distributed N1.727 trillion to the three tiers of government as revenue for November 2024. This was disclosed during the December 2024 FAAC meeting, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The total gross revenue of N3.143 trillion for November was derived from statutory allocations, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED). Of this amount, the Federal Government received N581.856 billion, States were allocated N549.792 billion, Local Government Councils (LGCs) got N402.553 billion, and Oil-Producing States received N193.291 billion as derivation revenue (13% of mineral revenue). Additionally, N103.307 billion was set aside for the cost of collection, and N1.312 trillion was allocated for Transfers, Intervention, and Refunds.
Breakdown of VAT Revenue
The gross revenue from VAT for November was N628.972 billion, marking a decline of N39.318 billion compared to the N668.291 billion recorded in October. From this amount, N25.159 billion was used for the cost of collection, and N18.114 billion was allocated for Transfers, Intervention, and Refunds. The remaining N585.700 billion was shared among the Federal Government (N87.855 billion), States (N292.850 billion), and LGCs (N204.995 billion).
Statutory Revenue Increase
Gross statutory revenue for November stood at N1.827 trillion, reflecting an increase of N490.339 billion from the N1.336 trillion collected in October. After deducting N77.521 billion for the cost of collection and N1.294 trillion for Transfers, Intervention, and Refunds, the remaining N455.354 billion was distributed as follows:
– Federal Government: N175.690 billion
– States: N89.113 billion
– LGCs: N68.702 billion
– Oil-Producing States (Derivation): N121.849 billion
Electronic Money Transfer Levy and Exchange Difference
The sum of N15.046 billion from EMTL was distributed, with the Federal Government receiving N2.257 billion, States N7.523 billion, and LGCs N5.266 billion, while N0.0627 billion was allocated for the cost of collection.
A total of N671.392 billion from the Exchange Difference was also shared among the tiers of government:
– Federal Government: N316.054 billion
– States: N160.306 billion
– LGCs: N123.590 billion
– Oil-Producing States (Derivation): N71.442 billion
The communique revealed notable increases in Oil and Gas Royalty and CET levies, while revenues from VAT, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL showed significant decreases.
The distribution of N1.727 trillion is expected to enhance fiscal capacity at all levels of government, supporting ongoing efforts to meet developmental goals and address economic challenges.
