The Federal Government, state governments, and local government councils collectively received ₦1.727 trillion as revenue from the Federation Accounts for November 2024, as disclosed during the December meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
This was revealed in a statement issued by Bawa Mokwa, FAAC’s Director of Press and Public Relations, on Friday. The revenue comprised ₦455.354 billion in statutory allocations, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from exchange rate differences.
According to Mokwa, the total gross revenue available for November was ₦3.143 trillion. From this, ₦103.307 billion was deducted as the cost of revenue collection, while ₦1.312 trillion was earmarked for transfers, interventions, and refunds.
The communiqué issued by FAAC revealed that gross statutory revenue for November stood at ₦1.827 trillion, an increase of ₦490.339 billion compared to October’s ₦1.336 trillion. Meanwhile, gross VAT revenue decreased to ₦628.972 billion in November, down by ₦39.318 billion from October’s ₦668.291 billion.
From the distributable revenue of ₦1.727 trillion, the Federal Government received ₦581.856 billion, while state governments were allocated ₦549.792 billion. Local government councils received ₦402.553 billion, and ₦193.291 billion was distributed to oil-producing states as 13% derivation revenue.
Breaking down the ₦455.354 billion statutory revenue, the communiqué indicated that the Federal Government got ₦175.690 billion, states received ₦89.113 billion, and local councils were allocated ₦68.702 billion. Additionally, ₦121.849 billion in derivation revenue went to oil-producing states.
From the ₦585.700 billion VAT revenue, ₦87.855 billion was allocated to the Federal Government, ₦292.850 billion to states, and ₦204.995 billion to local councils.
The Federal Government received ₦2.257 billion from the ₦15.046 billion EMTL, while states and local councils got ₦7.523 billion and ₦5.266 billion, respectively.
Regarding the ₦671.392 billion exchange rate difference revenue, the Federal Government took ₦316.054 billion, states received ₦160.306. billion, and local councils were allocated ₦123.590 billion. Oil-producing states also received ₦71.442 billion in derivation revenue from this source.
The communiqué further highlighted increases in Oil and Gas Royalty and CET Levies during the month, while revenues from Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL saw declines