The Federation Accounts Allocation Committee has distributed N1.727 trillion among the Federal Government, states, and local government areas for November.
This was outlined in a communiqué released following the FAAC meeting held on Thursday in Abuja.
According to the communiqué, the N1.727 trillion total distributable revenue includes N455.354 billion in statutory revenue. It also comprises 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 communiqué noted that total gross revenue of N3.143 trillion was available in November.
“Total deductions for collection costs amounted to N103.307 billion, while total transfers, interventions, and refunds reached N1.312 trillion,” it stated.
It further reported that gross statutory revenue of N1.827 trillion was collected for November, representing an increase of N490.339 billion compared to the N1.336 trillion received in October 2024.
From VAT, gross revenue of N628.972 billion was available in November, which was N39.318 billion less than the N668.291 billion reported in October.
The communiqué detailed that from the N1.727 trillion total distributable revenue, the Federal Government received N581.856 billion, state governments received N549.792 billion, and local government councils (LGCs) received N402.553 billion. Additionally, a total of N193.291 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.
Of the N455.354 billion in statutory revenue, the Federal Government received N175.690 billion, state governments received N89.113 billion, and LGCs received N68.702 billion. Furthermore, N121.849 billion (13 per cent of mineral revenue) was shared as derivation revenue to the benefiting states.
From the N585.700 billion in VAT revenue, the Federal Government received N87.855 billion, state governments received N292.850 billion, and LGCs received N204.995 billion.
The Federal Government garnered N2.257 billion from the N15.046 billion EMTL, while state governments received N7.523 billion and LGCs received N5.266 billion.
In November, there were significant increases in Oil and Gas Royalty and CET Levies, whereas Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL saw considerable decreases.
