By Ayomide Otitoju
A total of ₦1.727 trillion, representing the November 2024 Federation Accounts Revenue, has been allocated to the Federal Government, State Governments, and Local Government Councils in Nigeria. This distribution was announced during the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.
The disclosure came from a statement signed by Bawa Mokwa, FAAC Director of Press and Public Relations, on Friday. Mokwa noted that the total distributable revenue includes:
- Distributable statutory revenue of ₦1.354 billion
- Distributable Value Added Tax (VAT) revenue of ₦1.700 billion
- Electronic Money Transfer Levy (EMTL) revenue of ₦15.046 billion
- Exchange Difference revenue of ₦1.392 billion
Mokwa added that a communiqué from FAAC indicated a total gross revenue of ₦3.143 trillion was available in November 2024, with total deductions for collection costs accounting for ₦307 billion, while transfers, interventions, and refunds totaled ₦1.312 trillion.
According to the communiqué, gross statutory revenue reached ₦1.827 trillion for the month of November, an increase from the ₦1.336 trillion reported in October 2024 by ₦491 billion. Conversely, gross VAT revenue was recorded at ₦1.972 billion, lower than the ₦1.291 billion collected in October by ₦39.318 billion.
From the total distributable revenue of ₦1.727 trillion, the allocations were divided as follows:
- The Federal Government received ₦706.856 billion
- The State Governments received ₦792.792 billion
- The Local Government Councils received ₦553.553 billion
- Additionally, ₦291 billion (13% of mineral revenue) was distributed to benefiting States as derivation revenue
In detail, from the ₦1.354 billion distributable statutory revenue:
- The Federal Government received ₦690 billion
- The State Governments received ₦89.113 billion
- The Local Government Councils received ₦68.702 billion
- Benefiting States were allocated ₦849 billion (13% of mineral revenue) as derivation revenue
From the ₦1.700 billion VAT revenue, the allocations included:
- ₦87.855 billion for the Federal Government
- ₦850 billion for State Governments
- ₦995 billion for Local Government Councils
The Electronic Money Transfer Levy (EMTL) generated a total of ₦15.046 billion, with the Federal Government receiving ₦2.257 billion, State Governments ₦7.523 billion, and Local Government Councils ₦5.266 billion.
From the ₦1.392 billion Exchange Difference revenue, the distributions were:
- ₦54 billion for the Federal Government
- ₦306 billion for State Governments
- ₦590 billion for Local Government Councils
- Additionally, ₦71.442 billion (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
The report indicated that while Oil and Gas Royalties and CET Levies experienced notable increases, there were significant declines in Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and the Electronic Money Transfer Levy (EMTL) during November 2024.
