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 ₦1.727 Trillion with the three tiers of government as Federation Allocation for November 2024, up from a gross total of ₦3.143 Trillion.
From the stated amount, inclusive of Gross Statutory Revenue, Value-Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received ₦581.856 Billion, the States received ₦549.792 Billion, the Local Government Councils got ₦402.553 Billion, and the Oil-Producing States received ₦193.291 billion as Derivative (13% of Mineral Revenue).
₦103.307 Billion was allocated for the cost of collection, while ₦1.312 Trillion was allocated for Transfers, Interventions, and Refunds.
The Communiqué issued by the FAAC At the end of the meeting, it was indicated that the Gross Revenue available from the Value-Added Tax (VAT) for November 2024 was ₦628.972 billion, as against ₦668.291 billion distributed in the preceding month, resulting in a decrease of ₦39.318 Billion.
From that amount, ₦25.159 Billion was allocated for the cost of collection, and ₦18.114 billion was given for Transfers, Interventions, and Refunds. The remaining ₦628.973 Billion was distributed to the three tiers of government, of which the Federal Government received ₦87.855 Billion, the States received ₦292.850 billion, and Local Government Councils received ₦204.995 Billion.
Accordingly, the Gross Statutory Revenue of ₦1.827 Trillion received for the month was ₦490.339 billion higher than the sum of ₦1.336 Trillion received in the previous month. From the stated amount, ₦77.521 Billion was allocated for the cost of collection, and a total of ₦1.294 Trillion was allocated for Transfers, Interventions, and Refunds.
The remaining balance of ₦455.354 billion was distributed to the three tiers of government: The Federal Government received ₦175.690 Billion, States received ₦89.113 Billion, ₦68.702 Billion was allocated to LGCs, and ₦121.849 billion was given to Derivative Revenue (13% mineral-producing States).
Also, the sum of ₦15.046 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received ₦2.257 Billion, States got ₦7.523 Billion, and Local Government Councils received ₦5.266 Billion, while ₦0. 0627 billion was allocated for the Cost of Collection.
The Communique also disclosed the sum of ₦671.392 billion from Exchange Difference, which was shared as follows: The Federal Government received ₦316.054 Billion, States got ₦160.306 Billion, ₦123.590 billion was allocated to Local Government Councils, and ₦71.442 billion was given for Derivative (13% of Mineral Revenue).
Oil and Gas Royalty and CET levies recorded significant increases. At the same time, Excise Duty, Value-Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), Companies’ Income Tax (CIT), and Electronic Money Transfer Levy ( EMTL) decreased considerably.
According to the Communique, the total revenue distributable for November 2024 was ₦455.354 billion from Statutory Revenue, 585.700 billion from Value Added Tax (VAT), ₦15.046 billion from Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from Exchange Difference, bringing the total distributable amount for the month to ₦1.727 Trillion.
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 has distributed ₦1.727 trillion to the federal, state, and local governments for November 2024, with significant allocations for statutory revenue, VAT, and exchange difference.){kind=link}