FAAC Disburses N1.72 Trillion to FG, States, LGs for November 2024 Revenue

The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.72 trillion to the federal, state, and local governments for November 2024. This marks an increase of N310 billion from the N1.41 trillion shared in October.

In a statement released on Friday, the Ministry of Finance said the decision was made during FAAC’s December meeting, presided over by Wale Edun, Minister of Finance.

The gross total revenue for November stood at N3.14 trillion, with the distributable amount set at N1.72 trillion. The allocation was divided as follows:

• Federal Government: N581.85 billion
• State Governments: N549.79 billion
• Local Governments: N402.55 billion
• Oil-Producing States: N193.29 billion as derivation (13 percent of mineral revenue)

An additional N103.3 billion was earmarked for collection costs, while N1.31 trillion was allocated for transfer interventions and refunds.

Breakdown of Revenue Sources:

1. Value Added Tax (VAT):
   • Total: N628.9 billion (a decrease of N39.3 billion from October’s N668.2 billion).
   • Distribution:
     • Federal Government: N87.8 billion
     • States: N292.8 billion
     • Local Governments: N204.9 billion
2. Gross Statutory Revenue:
   • Total: N1.82 trillion (an increase of N490.3 billion or 36.7% from October’s N1.33 trillion).
   • Distribution (after deductions for collection costs and interventions):
     • Federal Government: N175.6 billion
     • States: N89.1 billion
     • Local Governments: N68.7 billion
     • Derivation (13%): N121.8 billion
3. Electronic Money Transfer Levy (EMTL):
   • Total: N15 billion
   • Distribution:
     • Federal Government: N2.2 billion
     • States: N7.5 billion
     • Local Governments: N5.2 billion
4. Exchange Difference:
   • Total: N671.3 billion
   • Distribution:
     • Federal Government: N316 billion
     • States: N160 billion
     • Local Governments: N123 billion
     • Derivation (13%): N71.4 billion

Observations:

FAAC noted significant increases in oil and gas royalties and CET levies, while revenue from excise duty, VAT, import duty, petroleum profit tax (PPT), companies income tax (CIT), and EMTL saw substantial decreases.