AThe Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the Federal Government, State Governments, and Local Government Councils from the November 2024 Federation Accounts Revenue.
The allocation was finalized at FAAC’s December 2024 meeting in Abuja, according to a statement by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), issued on Saturday evening.
The distributed revenue comprised several sources, including 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).
Revenue Details
Gross revenue for November 2024 amounted to N3.143 trillion. After deductions for collection costs (N103.307 billion) and transfers, interventions, and refunds (N1.312 trillion), N1.727 trillion was available for distribution.
Statutory Revenue increased to N1.827 trillion in November 2024, up by N490.339 billion from October’s N1.336 trillion. However, VAT revenue declined to N628.972 billion from N668.291 billion in October, reflecting a decrease of N39.318 billion.
Allocation Breakdown
The distributed N1.727 trillion was allocated as follows:
Federal Government: N581.856 billion
State Governments: N549.792 billion
Local Government Councils: N402.553 billion
Derivation Revenue (13% of mineral revenue): N193.291 billion
Detailed Allocations
From Statutory Revenue (N455.354 billion):
Federal Government: N175.690 billion
State Governments: N89.113 billion
Local Government Councils: N68.702 billion
Derivation Revenue: N121.849 billion
From VAT Revenue (N585.700 billion):
Federal Government: N87.855 billion
State Governments: N292.850 billion
Local Government Councils: N204.995 billion
From EMTL Revenue (N15.046 billion):
Federal Government: N2.257 billion
State Governments: N7.523 billion
Local Government Councils: N5.266 billion
From 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
This significant allocation reflects FAAC’s commitment to equitable revenue sharing, ensuring adequate support for governance and developmental initiatives across all tiers of government.