The Federation Accounts Allocation Committee (FAAC) has distributed ₦1.727 trillion as revenue generated in November 2024 to the Federal Government, State Governments, and Local Government Councils. This was revealed during FAAC’s December 2024 meeting held in Abuja.
The breakdown of the revenue was disclosed in a statement signed by Bawa Mokwa, FAAC’s Director of Press and Public Relations, on Friday. According to the statement, the total distributable revenue consisted of ₦455.354 billion from statutory revenue, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from exchange difference revenue.
A communiqué issued after the meeting highlighted that the gross revenue available for November 2024 was ₦3.143 trillion. Deductions for collection costs amounted to ₦103.307 billion, while transfers, interventions, and refunds accounted for ₦1.312 trillion.
For statutory revenue, November 2024 saw a collection of ₦1.827 trillion, marking an increase of ₦490.339 billion compared to ₦1.336 trillion collected in October 2024. However, VAT revenue for November totaled ₦628.972 billion, a decline of ₦39.318 billion from the ₦668.291 billion collected in October.
Revenue Allocation Breakdown
From the total distributable revenue of ₦1.727 trillion:
Federal Government received ₦581.856 billion.
State Governments received ₦549.792 billion.
Local Government Councils received ₦402.553 billion.
Derivation Revenue (13% of mineral revenue) accounted for ₦193.291 billion, shared among the benefiting states.
For the statutory revenue of ₦455.354 billion:
Federal Government: ₦175.690 billion.
State Governments: ₦89.113 billion.
Local Government Councils: ₦68.702 billion.
Derivation Revenue: ₦121.849 billion.
From the distributable VAT revenue of ₦585.700 billion:
Federal Government: ₦87.855 billion.
State Governments: ₦292.850 billion.
Local Government Councils: ₦204.995 billion.
Regarding the EMTL revenue of ₦15.046 billion:
Federal Government: ₦2.257 billion.
State Governments: ₦7.523 billion.
Local Government Councils: ₦5.266 billion.
For the exchange difference revenue of ₦671.392 billion:
Federal Government: ₦316.054 billion.
State Governments: ₦160.306 billion.
Local Government Councils: ₦123.590 billion.
Derivation Revenue: ₦71.442 billion.
Revenue Trends
The communiqué noted that November 2024 recorded significant increases in Oil and Gas Royalty and CET Levies. However, revenues from Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL witnessed notable declines.
This revenue allocation underscores the continued efforts to support governance and development across all tiers of government.
