The Federation Accounts Allocation Committee (FAAC) on Thursday disbursed a total of N1.727 trillion to the Federal Government, states, and local government areas as revenue for November 2024.
This was disclosed in a communiqué issued after the FAAC meeting held in Abuja.
The communiqué revealed that the distributable revenue consisted of statutory revenue of N455.354 billion, 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.
The total gross revenue available for November was N3.143 trillion.
However, deductions for cost of collection and transfers, interventions, and refunds totaled N103.307 billion and N1.312 trillion, respectively.
According to the communiqué, the gross statutory revenue for November stood at N1.827 trillion, marking an increase of N490.339 billion compared to October’s N1.336 trillion.
Conversely, gross VAT revenue for November was N628.972 billion, a decrease of N39.318 billion from October’s N668.291 billion.
From the N1.727 trillion distributable revenue, the Federal Government received N581.856 billion, state governments received N549.792 billion, and local government councils got N402.553 billion.
Additionally, N193.291 billion, representing 13 per cent of mineral revenue, was allocated to oil-producing states as derivation revenue.
In terms of statutory revenue allocation, the Federal Government received N175.690 billion, states got N89.113 billion, and local governments were allocated N68.702 billion.
A further N121.849 billion was shared among oil-producing states as 13 per cent derivation revenue.
From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, states were allocated N292.850 billion, and local governments got N204.995 billion.
Regarding the N15.046 billion EMTL revenue, the Federal Government received N2.257 billion, states got N7.523 billion, and local governments received N5.266 billion.
The communiqué highlighted that Oil and Gas Royalty and CET Levies recorded significant increases in November.
However, other revenue streams, including Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL, experienced substantial declines.
(NAN)
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