The Federal Government, states, and local government councils share a total of N1.727 trillion in revenue generated in November 2024. This represents a 22.48% increase compared to the N1.41 trillion distributed in October. The allocation is finalized during the December Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
In a statement issued by Bawa Mokwa, Director of Press and Public Relations for the Office of the Accountant-General of the Federation (AGF), the distributed revenue comprises statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and exchange difference revenue.
Revenue Components and Gross Allocations
The N1.727 trillion revenue consists of the following:
- Statutory revenue: N455.354 billion
- VAT: N585.700 billion
- EMTL: N15.046 billion
- Exchange difference revenue: N671.392 billion
The gross revenue for November 2024 is N3.143 trillion. Deductions for the cost of collection total N103.307 billion, while N1.312 trillion is allocated for transfers, interventions, and refunds. Gross statutory revenue rises to N1.827 trillion, an increase of N490.339 billion from October. However, VAT revenue decreases to N628.972 billion, a drop of N39.318 billion compared to the previous month.
Allocation Breakdown
From the distributable revenue:
- The Federal Government receives N581.856 billion.
- States receive N549.792 billion.
- Local government councils receive N402.553 billion.
- Oil-producing states are allocated N193.291 billion as 13% derivation revenue.
Statutory Revenue Allocation
- Federal Government: N175.690 billion
- States: N89.113 billion
- Local councils: N68.702 billion
- Oil-producing states: N121.849 billion
VAT Revenue Allocation
- Federal Government: N87.855 billion
- States: N292.850 billion
- Local councils: N204.995 billion
EMTL Revenue Allocation
- Federal Government: N2.257 billion
- States: N7.523 billion
- Local councils: N5.266 billion
Exchange Difference Revenue Allocation
- Federal Government: N316.054 billion
- States: N160.306 billion
- Local councils: N123.590 billion
- Oil-producing states: N71.442 billion
The report highlights significant increases in oil and gas royalties and CET levies for November. However, declines are observed in excise duty, VAT, import duty, petroleum profit tax, company income tax, and EMTL.
The FAAC reiterates its commitment to ensuring equitable revenue distribution and efficient resource management across all tiers of government.
 meeting held in Abuja.){kind=link}