By Abiola Olawale
The Federation Accounts Allocation Committee (FAAC) on Friday announced that it will distribute a total of N1.727 trillion to the Federal Government, State Governments, and Local Government Councils from November 2024 Federation Accounts Revenue.
This was disclosed in a press statement issued by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa.
According to the statement, the total distributable revenue comprised statutory revenue: N455.354 billion, Value Added Tax (VAT): N585.700 billion, Electronic Money Transfer Levy (EMTL): N15.046 billion, and exchange difference revenue: N671.392 billion.
According to the statement, Gross revenue of N3.143 trillion was available in November 2024. However, after deducting N103.307 billion for collection costs and N1.312 trillion for transfers, interventions, and refunds, N1.727 trillion was left for distribution.
Gross Statutory Revenue: N1.827 trillion in November 2024, a N490.339 billion increase from N1.336 trillion in October 2024.
The statement further revealed that the federal government got N581.856 billion, the state governments received N549.792 billion, and the local government councils were allocated N402.553 billion.
Below is the sharing of other revenues;
Derivation Revenue: N121.849 billion; VAT Revenue (N585.700 billion): Federal Government: N87.855 billion; State Governments: N292.850 billion;
Local Government Councils: N204.995 billion;Electronic Money Transfer Levy (N15.046 billion):
Federal Government: N2.257 billion(State Governments: N7.523 billion; Local Government Councils: N5.266 billion
Exchange Difference Revenue (N671.392 billion): Federal Government: N316.054 billion
State Governments: N160.306 billion; Local Government Councils: N123.590 billion
Derivation Revenue: N71.442 billion; According to the statement, this allocation underscores FAAC’s role in the equitable distribution of revenue to support governance and development across all tiers of government.
