FG, States, and LGCs Share ₦1.727 Trillion Revenue for November 2024

The Federal Government, States, and Local Government Councils have distributed a record ₦1.727 trillion as revenue allocation for November 2024, ensuring funds for national development.

A total of ₦1.727 trillion, representing the Federation Accounts Revenue for November 2024, has been distributed among the Federal Government, States, and Local Government Councils.

The revenue was distributed during the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.

This information was revealed in a statement signed by Bawa Mokwa, the FAAC Director of Press and Public Relations, on Friday.

He pointed out that the total distributable revenue of N1.727 trillion included various components: distributable statutory revenue of N455.354 billion, Value Added Tax (VAT) revenue amounting to N585.700 billion, Electronic Money Transfer Levy (EMTL) generating N15.046 billion, and Exchange Difference contributing N671.392 billion.

Mokwa mentioned that a communiqué released by the Federation Accounts Allocation Committee (FAAC) stated that in November 2024, total gross revenue amounted to N3.143 trillion. The deductions for collection costs were N103.307 billion, while the total amount allocated for transfers, interventions, and refunds was N1.312 trillion.

The communiqué reported that the gross statutory revenue for November 2024 amounted to N1.827 trillion, which is 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. This figure represented a decrease of N39.318 billion compared to the October 2024 total of N668.291 billion.

The communique indicated that out of the N1.727 trillion total distributable revenue, the Federal Government received a sum of N581.856 billion and the State Governments were allocated a total of N549.792 billion.

The Local Government Councils received a total of N402.553 billion, while the benefiting States were allocated N193.291 billion as derivation revenue, which represents 13% of mineral revenue.

READ ALSO: Rivers Revenue Allocation: Appeal Court Ruling Upholds Federalism – Falana

Regarding the N455.354 billion available as distributable statutory revenue, the communiqué detailed that the Federal Government was allocated N175.690 billion while State Governments received N89.113 billion. Local Government Councils were given N68.702 billion, and an amount of N121.849 billion (representing 13% of mineral revenue) was distributed to beneficiary states as derivation revenue.

From the distributable Value Added Tax (VAT) revenue totaling N585.700 billion, the Federal Government received N87.855 billion, State Governments were allocated N292.850 billion, and Local Government Councils obtained N204.995 billion.

The Federal Government received N2.257 billion from the total N15.046 billion collected through the Electronic Money Transfer Levy (EMTL). The State Governments were allocated N7.523 billion, while Local Government Councils obtained N5.266 billion of this revenue.

According to the communiqué, out of the N671.392 billion generated from Exchange Difference revenue, the Federal Government received N316.054 billion, while the State Governments obtained N160.306 billion.

The Local Government Councils received 123.590 billion naira, whereas the benefiting States were allocated a total of 71.442 billion naira as derivation revenue, representing 13% of mineral revenues.

In November 2024, there were notable increases in Oil and Gas Royalty and CET Levies. Meanwhile, Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Electronic Money Transfer Levy (EMTL) saw considerable decreases.