Federation Accounts Committee Details Revenue Sources, Allocation
The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the federal, state, and local governments for November 2024.
This was disclosed in a communiqué issued after the committee’s meeting on Thursday in Abuja. The allocation includes statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and exchange difference revenue.
Breaking down the revenue, the communiqué stated that N455.354 billion came from statutory revenue, N585.700 billion from VAT, N15.046 billion from EMTL, and N671.392 billion from exchange difference revenue.
The total gross revenue for November stood at N3.143 trillion. However, deductions of N103.307 billion for the cost of collection and N1.312 trillion for transfers, interventions, and refunds were made.
Revenue Trends
The communiqué noted an increase in gross statutory revenue, which reached N1.827 trillion in November, up by N490.339 billion compared to N1.336 trillion recorded in October. On the other hand, VAT revenue dropped slightly from N668.291 billion in October to N628.972 billion in November.
Allocation Breakdown
From the total N1.727 trillion distributable revenue:
- Federal Government: N581.856 billion
- State Governments: N549.792 billion
- Local Government Councils (LGCs): N402.553 billion
- Derivation Revenue (13% for oil-producing states): N193.291 billion
Statutory revenue of N455.354 billion was shared as follows:
- Federal Government: N175.690 billion
- States: N89.113 billion
- Local Councils: N68.702 billion
- Derivation Revenue: N121.849 billion
For VAT revenue of N585.700 billion:
- Federal Government: N87.855 billion
- States: N292.850 billion
- Local Councils: N204.995 billion
From the EMTL revenue of N15.046 billion:
- Federal Government: N2.257 billion
- States: N7.523 billion
- Local Councils: N5.266 billion
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