FAAC Distributes N1.727trn To FG, States, LGCs As November Revenue
The Federation Accounts Allocation Committee (FAAC) has distributed a total sum of N 1.727 trillion to the Federal Government, States, and Local Government Councils as November 2024 Federation Accounts Revenue.
Rising from its December 2024 meeting held in Abuja, FAAC said the N1.727 trillion total distributable revenue consisted of statutory revenue of N455.354 billion, Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion, and Exchange Difference revenue of N671.392 billion.
The FAAC communiqué issued at the end of the meeting indicated that a total gross revenue of N3.143 trillion was available in November 2024 with the total deduction for the cost of collection being N103.307 billion while total transfers, interventions, and refunds came to about N1.312 trillion.
According to the communiqué, the gross statutory revenue of N1.827 trillion received for November 2024 was higher than the sum of N1.336 trillion received in October 2024 by N490.339 billion.
However, it was also noted that gross revenue of N628.972 billion available from the Value Added Tax (VAT) in November 2024 was lower than the N668.291 billion available in October 2024 by N39.318 billion.
Furthermore, the communiqué said from the N1.727 trillion total distributable revenue, the Federal Government got N581.856 billion, State Governments received N549.792 billion, the Local Government Councils received a total sum of N402.553 billion while N193.291 billion (13 percent of mineral revenue) went to the benefiting States as derivation revenue.
On the N455.354 billion distributable statutory revenue, the communiqué stated that the Federal Government got N175.690 billion, the State Governments received N89.113 billion, the Local Government Councils received N68.702 billion, and N121.849 billion (13% of mineral revenue) went into the coffers of the benefiting States as derivation revenue.
From the N585.700 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N87.855 billion, the State Governments received N292.850 billion and the Local Government Councils received N204.995 billion.
The Federal Government received N2.257 billion from the N15.046 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.523 billion and the Local Government Councils received N5.266 billion.
Also from the N671.392 billion Exchange Difference revenue, the communiqué explained that the Federal Government got N316.054 billion, the State Governments received N160.306 billion, the Local Government Councils received N123.590 billion, while N71.442 billion (13% of mineral revenue) was shared among the benefiting States as derivation revenue.
Meanwhile, a statement by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), explained that for November 2024, Oil and Gas Royalty and CET Levies recorded significant increases, while there were considerable decrease in Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax(PPT), Companies Income Tax (CIT) and Electronic Money Transfer Levy (EMTL).
