FG, States, LGs share whopping N1.727 trillion revenue for November
Wale Edun, Minister of Finance
Published By: Kazeem Ugbodaga
By Kadiri Abdulrahman
The Federation Accounts Allocation Committee (FAAC) has disbursed a total of N1.727 trillion among the Federal, State, and Local Governments as revenue for November 2024.
A communiqué issued after the FAAC meeting on Thursday in Abuja detailed the breakdown of the distribution.
The total distributable revenue included: Statutory revenue, N455.354 billion; Value Added Tax (VAT) revenue, N585.700 billion; Electronic Money Transfer Levy (EMTL), N15.046 billion and Exchange Difference revenue, N671.392 billion.
The communiqué highlighted that a gross revenue of N3.143 trillion was generated in November.
However, deductions for cost of collection totalled N103.307 billion, while transfers, interventions, and refunds accounted for N1.312 trillion.
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In the Communique, Gross statutory revenue for November stood at N1.827 trillion, an increase of N490.339 billion compared to October’s N1.336 trillion, while Gross VAT revenue was N628.972 billion, a decrease of N39.318 billion from October’s N668.291 billion.
From the total N1.727 trillion distributable revenue, the Federal Government received N581.856 billion, State governments got N549.792 billion, Local Government Councils were allocated N402.553 billion and N193.291 billion was shared as 13% derivation revenue to oil-producing states.
See other details below:
Breakdown of Statutory Revenue (N455.354 billion):
Breakdown of VAT Revenue (N585.700 billion):
EMTL Revenue (N15.046 billion):
Observations on Revenue Trends
In November, significant increases were recorded in Oil and Gas Royalty and CET Levies, while revenues from Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL saw notable declines.
The FAAC communiqué emphasised the continued commitment to ensuring equitable distribution of revenue among the three tiers of government.
