The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired by the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.727 Trillion to the three tiers of government as Federation Allocation for the month of November, 2024 from a gross total of N3.143 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), the Federal Government received N581.856 Billion, the States received N549.792 Billion, the Local Government Councils got N402.553 Billion, while the Oil Producing States received N193.291 Billion as Derivation, (13% of Mineral Revenue).
The sum of N103.307 Billion was given for the cost of collection, while N1.312 Trillion was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of November 2024, was N628.972 Billion as against N668.291 Billion distributed in the preceding month, resulting in a decreased of N39.318 Billion.
From that amount, the sum of N25.159 Billion was allocated for the cost of collection and the sum of N18.114 Billion given for Transfers, Intervention and Refunds. The remaining sum of N628.973 Billion was distributed to the three tiers of government, of which the Federal Government got N87.855 Billion, the States received N292.850 Billion and Local Government Councils got N204.995 Billion.
Accordingly, the Gross Statutory Revenue of N1.827 Trillion received for the month was higher than the sum of N1.336 Trillion received in the previous month by N490.339 Billion. From the stated amount, the sum of N77.521 Billion was allocated for the cost of collection and a total sum of N1.294 Trillion for Transfers, Intervention and Refunds.
The remaining balance of N455.354 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N175.690 Billion, States received N89.113 Billion, the sum of N68.702 Billion was allocated to LGCs and N121.849 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N15.046 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.257 Billion, States got N7.523 Billion, Local Government Councils received N5.266 Billion, while N0. 0627 Billion was allocated for Cost of Collection.
The Communique also disclosed the sum of N671.392 Billion from Exchange Difference, which was shared as follows: Federal Government received N316.054 Billion, States got N160.306 Billion, the sum of N123.590 Billion was allocated to Local Government Councils, N71.442 Billion was given for Derivation (13% of Mineral Revenue).
Oil and Gas Royalty and CET levies recorded significant increases, while Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), Electronic Money Transfer Levy ( EMTL), decreased considerably.
According to the Communique, the total revenue distributable for the current month of November 2024, was drawn from Statutory Revenue of N455.354 Billion, Value Added Tax (VAT) of N585.700 Billion, N15.046 Billion from Electronic Money Transfer Levy (EMTL), and N671.392 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.727 Trillion.
Signed
Mohammed Manga FCIA
Director, Information and Public Relations