A total of ₦1.727 trillion, November 2024 Federation Accounts Revenue, has been shared between the Federal Government, States, and Local Government Councils.
The revenue was shared at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.
This was disclosed in a statement signed by FAAC Director of Press and Public Relations, Bawa Mokwa, on Friday.
He noted that the N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable 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.
Mokwa added that a communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total gross revenue of N3.143 trillion was available in November 2024. The total deduction for the cost of collection was N103.307 billion, while total transfers, interventions, and refunds were N1.312 trillion.
According to the communiqué, the gross statutory revenue for November 2024 was N1.827 trillion. This represented an increase of N490.339 billion compared to the N1.336 trillion received in October 2024.
In November 2024, the gross revenue from Value Added Tax (VAT) amounted to N628.972 billion, which was N39.318 billion lower than the N668.291 billion available in October 2024.
The communiqué further stated that from the total distributable revenue of N1.727 trillion, the Federal Government received N581.856 billion, while the State Government received N549.792 billion.
Local Government Councils were allocated N402.553 billion, and a total of N193.291 billion (13% of mineral revenue) was distributed to the benefiting States as derivation revenue.
