A total of ₦1.727 trillion, representing November 2024 Federation Accounts Revenue, has been distributed among the Federal Government, States, and Local Government Councils.
The revenue allocation was finalised during the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja. This was confirmed in a statement issued by FAAC’s Director of Press and Public Relations, Bawa Mokwa, on Friday.
According to the statement, the distributable revenue comprised ₦455.354 billion from 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 differentials.
Gross Revenue and Deductions
A total gross revenue of ₦3.143 trillion was generated in November 2024. Of this amount, ₦103.307 billion was deducted for the cost of collection, while ₦1.312 trillion was allocated for transfers, interventions, and refunds.
Statutory gross revenue for November was ₦1.827 trillion, reflecting a significant increase of ₦490.339 billion compared to ₦1.336 trillion in October. However, gross VAT revenue decreased to ₦628.972 billion from October’s ₦668.291 billion, representing a drop of ₦39.318 billion.
Distribution Breakdown
From the ₦1.727 trillion distributable revenue:
- The Federal Government received ₦581.856 billion.
- State Governments were allocated ₦549.792 billion.
- Local Government Councils were granted ₦402.553 billion.
- ₦193.291 billion (13% of mineral revenue) was distributed to oil-producing states as derivation revenue.
Statutory Revenue (₦455.354 billion):
- Federal Government: ₦175.690 billion.
- State Governments: ₦89.113 billion.
- Local Government Councils: ₦68.702 billion.
- Oil-producing states (13% derivation): ₦121.849 billion.
Value Added Tax (₦585.700 billion):
- Federal Government: ₦87.855 billion.
- State Governments: ₦292.850 billion.
- Local Government Councils: ₦204.995 billion.
Electronic Money Transfer Levy (₦15.046 billion):
- Federal Government: ₦2.257 billion.
- State Governments: ₦7.523 billion.
- Local Government Councils: ₦5.266 billion.
Exchange Difference Revenue (₦671.392 billion):
- Federal Government: ₦316.054 billion.
- State Governments: ₦160.306 billion.
- Local Government Councils: ₦123.590 billion.
- Oil-producing states (13% derivation): ₦71.442 billion.
Revenue Trends
November 2024 saw significant increases in Oil and Gas Royalties and CET Levies. However, Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL all recorded substantial declines.