FAAC Distributes N1.727trn from November Federation Accounts Revenue
By Patience Ikpeme
The Federal Government, alongside State and Local Governments, received a total of N1.727 trillion from the Federation Accounts in what was described as a significant revenue allocation meeting held in Abuja on Friday.
At the December meeting of the Federation Accounts Allocation Committee (FAAC), officials announced that the N1.727 trillion total distributable revenue was compiled from various revenue sources. The breakdown includes distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion, and revenue from Exchange Differences totaling N671.392 billion.
A communiqué released by FAAC confirmed that November’s gross revenue reached N3.143 trillion, marking a noticeable increase over the previous month, with total deductions for cost of collection reported at N103.307 billion. Transfers, interventions, and refunds accounted for N1.312 trillion.
Notably, the gross statutory revenue for November 2024 surged to N1.827 trillion, representing an increase of N490.339 billion over the N1.336 trillion recorded in October 2024. Conversely, VAT revenue saw a decline, with November’s earnings at N628.972 billion, down by N39.318 billion from October.
The revenue distribution indicated that the Federal Government received N581.856 billion, while State Governments were allocated N549.792 billion. Local Government Councils secured N402.553 billion, which included N193.291 billion shared as derivation revenue, representing 13% of mineral revenue.
Further breakdown of the distributable statutory revenue revealed that the Federal Government obtained N175.690 billion, and State Governments received N89.113 billion, while Local Governments garnered N68.702 billion.
From VAT revenue, the Federal Government’s share was N87.855 billion, with States receiving N292.850 billion and Local Councils receiving N204.995 billion. The Electronic Money Transfer Levy (EMTL) generated N15.046 billion, with the Federal Government taking N2.257 billion, States receiving N7.523 billion, and Local Councils N5.266 billion.
The Exchange Difference revenue resulted in the Federal Government receiving N316.054 billion, States N160.306 billion, and Local Governments N123.590 billion, alongside N71.442 billion allocated as derivation revenue for the benefiting States.
FAAC’s report also highlighted fluctuating trends in various revenue streams over the month, noting increases in Oil and Gas Royalty and CET Levies, while reductions were observed in Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL.
