The Federation Account Allocation Committee (FAAC) has disbursed a total sum of ₦1.727 Trillion to the three (3) tiers of government as revenue sharing for the month of November 2024, from a gross total of ₦3.143 Trillion.
This was disclosed during FAAC’s December 2024 meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun.
In a statement by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga on Friday, from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and the Exchange Difference (ED).
The Federal Government (FG) received ₦581.856 Billion, the States received ₦549.792 Billion, the Local Government Councils got N402.553 Billion, while the Oil Producing States received ₦193.291 Billion as Derivation (13% of Mineral Revenue).
“The sum of ₦103.307 Billion was given for the cost of collection, while ₦1.312 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 ₦628.972 Billion as against ₦668.291 Billion distributed in the preceding month, resulting in a decreased of ₦39.318 Billion.
“From that amount, the sum of ₦25.159 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 ₦628.973 Billion was distributed to the three tiers of government, of which the Federal Government got N87.855 Billion, the States received ₦292.850 Billion and Local Government Councils got ₦204.995 Billion.
“Accordingly, the Gross Statutory Revenue of ₦1.827 Trillion received for the month was higher than the sum of N1.336 Trillion received in the previous month by ₦490.339 Billion. From the stated amount, the sum of ₦77.521 Billion was allocated for the cost of collection and a total sum of ₦1.294 Trillion for Transfers, Intervention and Refunds,” the statement noted.
Manga revealed that the remaining balance of ₦455.354 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of ₦175.690 Billion, States received ₦89.113 Billion, the sum of ₦68.702 Billion was allocated to LGCs and ₦121.849 Billion was given to Derivation Revenue (13% Mineral producing States).
He pointed out that the sum of ₦15.046 Billion from 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, Local Government Councils received ₦5.266 Billion, while ₦0. 0627 Billion was allocated for Cost of Collection.
He also informed that the sum of ₦671.392 Billion from Exchange Difference was shared as follows: Federal Government received ₦316.054 Billion, States got ₦160.306 Billion, the sum of ₦123.590 Billion was allocated to Local Government Councils, ₦71.442 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.”
The statement further read: “The total revenue distributable for the current month of November 2024, was drawn from Statutory Revenue of ₦455.354 Billion, Value Added Tax (VAT) of N585.700 Billion, N15.046 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.”
