FG, States, and LGCs Share ₦1.727trn November 2024 Revenue
In November 2024, the Federal Government, States, and Local Government Councils received a total of ₦1.727 trillion in Federation Account Revenue.
The income was distributed at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
This was revealed in a statement issued by FAAC Director of Press and Public Relations Bawa Mokwa on Friday.
He stated that the total distributable revenue of N1.727 trillion included distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion, and Exchange Difference revenue of N671.392 billion.
Mokwa noted that a communiqué published by the Federation Accounts Allocation Committee (FAAC) stated that entire gross income of N3.143 trillion will be accessible in November 2024. The overall deduction for collection costs was N103.307 billion, while total transfers, interventions, and refunds were N1.312 trillion.
According to the communiqué, gross statutory revenue totalled N1.827 trillion in November 2024. This exceeded the total of N1.336 trillion received in October 2024 by N490.339 billion.
In November 2024, the Value Added Tax (VAT) generated a gross income of N628.972 billion. This was N39.318 billion less than the total available in October 2024.
According to the communiqué, the Federal Government received N581.856 billion of the total distributable income of N1.727 trillion, while the State Governments collected N549.792 billion.
The Local Government Councils got a total of N402.553 billion, while N193.291 billion (13% of mining revenue) was distributed to the benefitting States as derivation money.
The communiqué claimed that of the N455.354 billion distributable statutory revenue, the Federal Government received N175.690 billion and the State Governments received N89.113 billion. Local Government Councils got N68.702 billion, while N121.849 billion (13% of mining revenue) was distributed to beneficiary states as derivation money.
The Federal Government got N87.855 billion of the N585.700 billion distributable Value Added Tax (VAT) income, the State Governments received N292.850 billion, and the Local Government Councils received N204.995 billion.
The Federal Government got a total of N2.257 billion from the N15.046 billion Electronic Money Transfer Levy. The State Governments earned N7.523 billion, while Local Government Councils received N5.266 billion.
According to the communiqué, the Federal Government received N316.054 billion of the N671.392 billion Exchange Difference income, while the State Governments received N160.306 billion.
The Local Government Councils got N123.590 billion, while N71.442 billion (13% of mineral revenue) was divided among the benefitting States as derivation money.
In November 2024, Oil and Gas Royalty and CET Levies rose significantly, but Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Electronic Money Transfer Levy (EMTL) fell significantly.