the December 2024 Federation Accounts Allocation Committee (FAAC) meeting held in Abuja, a total of ₦1.727 trillion, representing the November 2024 Federation Account Revenue, was distributed among the Federal Government, States, and Local Government Councils.
This information was disclosed in a statement by FAAC’s Director of Press and Public Relations, Bawa Mokwa, on Friday. According to the communiqué issued at the meeting, the distributable revenue included:
Statutory Revenue: ₦455.354 billion
Value Added Tax (VAT): ₦585.700 billion
Electronic Money Transfer Levy (EMTL): ₦15.046 billion
Exchange Difference Revenue: ₦671.392 billion
Additionally, the total gross revenue available in November 2024 amounted to ₦3.143 trillion. Out of this, ₦103.307 billion was deducted for the cost of collection, while transfers, interventions, and refunds accounted for ₦1.312 trillion.
Breakdown of Revenue Distribution
From the total ₦1.727 trillion shared
Federal Government: ₦581.856 billion
State Governments: ₦549.792 billion
Local Government Councils: ₦402.553 billion
Derivation Revenue (13% of mineral revenue): ₦193.291 billion to benefiting States
Statutory Revenue (₦455.354 billion)
- Federal Government: ₦175.690 billion
- State Governments: ₦89.113 billion
- Local Government Councils: ₦68.702 billion
- Derivation Revenue: ₦121.849 billion
Value Added Tax (VAT) Revenue (₦585.700 billion)
Federal Government: ₦2.257 billion
State Governments: ₦7.523 billion
Local Government Councils: ₦5.266 billion
Exchange Difference Revenue (₦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 gross statutory revenue for November 2024 stood at ₦1.827 trillion, reflecting an increase of ₦490.339 billion compared to October 2024’s ₦1.336 trillion. Meanwhile, VAT collections dropped to ₦628.972 billion in November from October’s ₦668.291 billion, marking a decline of ₦39.318 billion.
Significant increases were recorded in Oil and Gas Royalty and CET Levies. However, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL saw notable declines.
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