The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion among the federal government, states, and local government councils (LGCs) for November 2024.
This was disclosed in a communiqué issued after the FAAC meeting held on Thursday in Abuja. The total distributable revenue comprised N455.354 billion in 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 differences.
The total gross revenue available for the month was N3.143 trillion, from which N103.307 billion was deducted as the cost of collection, while N1.312 trillion was allocated for transfers, interventions, and refunds. Gross statutory revenue for November was N1.827 trillion, reflecting an increase of N490.339 billion compared to October’s N1.336 trillion. However, VAT revenue dropped to N628.972 billion in November, a decrease of N39.318 billion from October’s figure of N668.291 billion.
From the total distributable revenue of N1.727 trillion, the federal government received N581.856 billion, states received N549.792 billion, and LGCs received N402.553 billion. Additionally, N193.291 billion was allocated as 13% derivation revenue to oil-producing states.
The statutory revenue of N455.354 billion was distributed with the federal government receiving N175.690 billion, states receiving N89.113 billion, and LGCs receiving N68.702 billion, while N121.849 billion was allocated as 13% derivation revenue. From the N585.700 billion VAT revenue, the federal government received N87.855 billion, states received N292.850 billion, and LGCs received N204.995 billion.
The EMTL revenue of N15.046 billion was shared, with the federal government receiving N2.257 billion, states receiving N7.523 billion, and LGCs receiving N5.266 billion. The communiqué also highlighted significant increases in Oil and Gas Royalty and CET Levies during November, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL recorded notable declines.
This disbursement reflects ongoing efforts to sustain financial stability across all levels of government.
