Abuja, Dec. 14, 2024 – The Federation Accounts Allocation Committee (FAAC) has shared N1.727 trillion among the federal, states and local government councils from the federal revenue in November 2024.
This was disclosed in a communiqué issued by FAAC at the end of its monthly allocation meeting on Friday.
The federal government received N581.856 billion, the state governments received N549.792 billion, while the local government councils received N402.553 billion.
The sum of N193.291 billion (13% of mineral revenue) was shared to the beneficiary states as derivation revenue.
The allocated amount comprises the 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 Exchange Difference revenue of N671.392 billion.
The total revenue of N3.143 trillion was available in the month, but total deductions for cost of collection was N103.307 billion and total transfers, interventions and refunds was N1.312 trillion.
Gross statutory revenue of N1.827 trillion was received for November, higher than the N1.336 trillion received in the month of October.
Gross revenue of N628.972 billion was available from the Value Added Tax (VAT) in November 2024.
This was lower than the N668.291 billion available in the month of October 2024 by N39.318 billion. (GBN)
