Federal government, 36 states and the FCT and local government areas have shared a total of N1.727 trillion as revenue for November 2024. The allocation was finalised at the December 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
The distributed revenue includes: Statutory Revenue: N455.354 billion; Value Added Tax (VAT): N585.700 billion; Electronic Money Transfer Levy (EMTL): N15.046 billion; Exchange Difference: N671.392 billion; and Gross Revenue and Deductions.
The FAAC communique that was released on Friday stated that the total gross revenue for November 2024 was ₦3.143 trillion. From this, ₦103.307 billion was deducted for collection costs, and ₦1.312 trillion was allocated for transfers, interventions, and refunds.
The gross statutory revenue for November stood at ₦1.827 trillion, an increase of ₦490.339 billion compared to ₦1.336 trillion in October 2024. Conversely, VAT revenue dropped to ₦628.972 billion in November, down by ₦39.318 billion from October’s ₦668.291 billion.
From the ₦1.727 trillion distributed: Federal government: ₦581.856 billion, state governments: ₦549.792 billion, LGAs: ₦402.553 billion, derivation revenue (13% of mineral revenue): ₦193.291 billion to benefiting states.
Breakdown by Revenue Source includes statutory sevenue (₦455.354 billion) of FG: ₦175.690 billion; states ₦89.113 billion; LGAs: ₦68.702 billion; derivation revenue: ₦121.849 billion.
Others includes Value Added Tax of ₦585.700 billion). In details, the VAT distribution details, federal government got ₦87.855 billion, states: ₦292.850 billion and LGAs: ₦204.995 billion.
Electronic money transfer levy amounted to ₦15.046 billion). In details, FG got ₦2.257 billion, 36 states and the FCT got ₦7.523 billion, and LGAs: ₦5.266 billion
Exchange rate differentials, the government received ₦671.392 billion. By distribution to the various tiers of government, the Central government government got ₦316.054 billion, subnationals received ₦160.306 billion, LGAs: ₦123.590 billion, and derivation Revenue: ₦71.442 billion.
November 2024 saw significant increases in oil and gas royalties and CET levies.
However, revenues from excise duty, VAT, import duty, petroleum profit tax, companies income tax, and electronic money transfer lecy declined compared to previous months.
Source: Leadership
