The Federation Account Allocation Committee (FAAC) disbursed N1.72 trillion to the federal, state, and local governments in November 2024, reflecting a modest increase from the N1.4 trillion shared in October.
This allocation was drawn from the gross revenue of N3.143 trillion recorded in November, a notable rise from the N2.668 trillion generated in October, according to a communiqué released after FAAC’s December 2024 meeting chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Breakdown of Revenue Sources and Allocations
The total disbursed amount comprised income from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
Federal Government: N581.856 billion
State Governments: N549.792 billion
Local Government Councils: N402.553 billion
Oil-Producing States (13% Derivation): N193.291 billion
Additionally, N103.307 billion was allocated for the cost of collection, while N1.312 trillion covered transfers, interventions, and refunds.
Performance of Key Revenue Streams
Value Added Tax (VAT):
The gross VAT revenue for November stood at N628.972 billion, a decrease of N39.318 billion compared to October’s N668.291 billion.
Cost of Collection: N25.159 billion
Transfers, Interventions, and Refunds: N18.114 billion
Distributable Amount: N585.700 billion
Federal Government: N87.855 billion
States: N292.850 billion
Local Governments: N204.995 billion
Statutory Revenue:
Gross statutory revenue increased significantly to N1.827 trillion in November, up by N490.339 billion from October’s N1.336 trillion.
Cost of Collection: N77.521 billion
Transfers, Interventions, and Refunds: N1.294 trillion
Distributable Balance: N455.354 billion
Federal Government: N175.690 billion
States: N89.113 billion
Local Governments: N68.702 billion
Oil-Producing States: N121.849 billion
Electronic Money Transfer Levy (EMTL):
A total of N15.046 billion was shared among the three tiers of government:
Federal Government: N2.257 billion
States: N7.523 billion
Local Governments: N5.266 billion
Cost of Collection: N0.0627 billion
Exchange Difference:
Revenue from exchange rate differentials amounted to N671.392 billion.
Federal Government: N316.054 billion
States: N160.306 billion
Local Governments: N123.590 billion
Oil-Producing States (13% Derivation): N71.442 billion
Total Distributable Revenue
The total distributable revenue for November, combining statutory allocations, VAT, EMTL, and exchange differences, amounted to N1.727 trillion.
This significant disbursement highlights an upward trend in government revenue generation and underscores efforts to ensure timely allocation to all tiers of government.
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