FG, States, LGCs share ₦1.727tn November 2024 revenue

This distribution took place during the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.

The information was revealed today in a statement issued by FAAC Director of Press and Public Relations, Bawa Mokwa.

Mokwa noted that the ₦1.727 trillion in distributable revenue includes ₦455.354 billion in distributable statutory revenue, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion in Exchange Difference revenue.

A communiqué from FAAC indicated that the total gross revenue for November 2024 amounted to ₦3.143 trillion. There was a total deduction of ₦103.307 billion for the cost of collection, while total transfers, interventions, and refunds reached ₦1.312 trillion.

According to the communiqué, gross statutory revenue for November 2024 was ₦1.827 trillion, which is an increase of ₦490.339 billion compared to the ₦1.336 trillion received in October 2024.

From VAT, the gross revenue of ₦628.972 billion was lower than October’s ₦668.291 billion by ₦39.318 billion.

The communiqué states that from the total distributable revenue of ₦1.727 trillion, the Federal Government received ₦581.856 billion, State Governments received ₦549.792 billion, and Local Government Councils received ₦402.553 billion.

Additionally, ₦193.291 billion (13% of mineral revenue) was allocated to the benefiting States as derivation revenue.

Regarding the ₦455.354 billion in distributable statutory revenue, the Federal Government received ₦175.690 billion, State Governments received ₦89.113 billion, Local Government Councils received ₦68.702 billion, and ₦121.849 billion (13% of mineral revenue) was shared as derivation revenue.

From the ₦585.700 billion in VAT revenue, the Federal Government received ₦87.855 billion, State Governments received ₦292.850 billion, and Local Government Councils received ₦204.995 billion.

The Federal Government received ₦2.257 billion from the ₦15.046 billion Electronic Money Transfer Levy, while State Governments received ₦7.523 billion and Local Government Councils received ₦5.266 billion.

From the ₦671.392 billion in Exchange Difference revenue, the Federal Government received ₦316.054 billion, State Governments received ₦160.306 billion, and Local Government Councils received ₦123.590 billion. Additionally, ₦71.442 billion (13% of mineral revenue) was allocated to the benefiting States as derivation revenue.

In November 2024, there were significant increases in Oil and Gas Royalty and CET Levies, while notable decreases were seen in Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and the Electronic Money Transfer Levy (EMTL).