The Federation Account Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the Federal Government, States, and Local Government Areas (LGAs) as revenue allocation for November 2024.

 

This was revealed during the committee’s December 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The allocation was derived from a gross revenue of N3.143 trillion.

 

Revenue Breakdown

Out of the total distributed amount, the Federal Government received N581.856 billion, States got N549.792 billion, and LGAs were allocated N402.553 billion. Oil-producing states were given N193.291 billion as 13% derivation from mineral revenue. Additionally, N103.307 billion was allocated for collection costs, while N1.312 trillion was set aside for transfers, interventions, and refunds.

 

Decline in VAT Revenue

The Value Added Tax (VAT) revenue for November 2024 stood at N628.972 billion, marking a decline of N39.318 billion compared to October 2024. From this, N25.159 billion was allocated for collection costs, and N18.114 billion was set aside for transfers and refunds. The remaining N585.700 billion was shared among the three tiers of government:

Federal Government: N87.855 billion

States: N292.850 billion

LGAs: N204.995 billion

 

 

Statutory Revenue Increases

Gross statutory revenue for November 2024 amounted to N1.827 trillion, which was N490.339 billion higher than the N1.336 trillion recorded in October. After deducting N77.521 billion for collection costs and N1.294 trillion for transfers and refunds, the balance of N455.354 billion was distributed as follows:

Federal Government: N175.690 billion

States: N89.113 billion

LGAs: N68.702 billion

Derivation (13%): N121.849 billion

 

Other Allocations

The Electronic Money Transfer Levy (EMTL) generated N15.046 billion, shared as follows:

Federal Government: N2.257 billion

States: N7.523 billion

LGAs: N5.266 billion

From exchange differences totaling N671.392 billion, the Federal Government received N316.054 billion, States got N160.306 billion, LGAs were allocated N123.590 billion, and N71.442 billion went to oil-producing states.

 

Revenue Performance

The communique highlighted a significant increase in Oil and Gas Royalty and CET levies, while revenues from Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL showed declines.

 

Total Distributable Revenue

The total distributable revenue of N1.727 trillion for November 2024 was drawn from:

Statutory Revenue: N455.354 billion

VAT: N585.700 billion

EMTL: N15.046 billion

Exchange Difference: N671.392 billion

The FAAC communique was signed by Mohammed Manga, Director of Information and Public Relations, on December 13, 2024.