The Federation Accounts Allocation Committee (FAAC) on Friday reported that a total sum of N 1.727 trillion from November 2024 Federation Accounts revenue was allocated to the three tiers of government in the country.
A statement issued by the Director (Press and Public Relations) at the Ministry of Finance, Mr. Mokwa Bawa, indicated that the sum was shared to the federal, state and local governments at the December 2024 meeting of the FAAC held in Abuja.
According to the director, the N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
A communiqué issued by the FAAC on the decisions taken on the revenue distribution indicated that total gross revenue of N3.143 trillion was available in November 2024, with total deduction for cost of collection standing at N103.307 billion while total transfers, interventions and refunds was N1.312 trillion.
According to the communiqué, gross statutory revenue of N1.827 trillion was generated during the month, indicating N490.339 billion higher than the N1.336 trillion generated in October 2024.
During the month under review, gross revenue of N628.972 billion was available from the Value Added Tax (VAT), representing N39.318 billion lower than the N668.291 billion raked in from the revenue source in the preceding month.
The communiqué showed that from the N1.727 trillion total distributable revenue, the Federal Government received total sum of N581.856 billion and the state governments received N549.792 billion, the local governments received N402.553 billion and a total sum of N193.291 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N455.354 billion distributable statutory revenue, the communiqué stated that the Federal Government received N175.690 billion and the state governments received N89.113 billion.
The local government received N68.702 billion and the sum of N121.849 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N585.700 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N87.855 billion, the State Governments received N292.850 billion and the local governments received N204.995 billion.
A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion Electronic Money Transfer Levy (EMTL). The state governments received N7.523 billion and the Local Government Councils received N5.266 billion.
From the N671.392 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N316.054 billion and the state governments received N160.306 billion.
The local governments received N123.590 billion, while the sum of N71.442 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month under review, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), Companies Income Tax (CIT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
