The Federation Accounts Allocation Committee (FAAC) has disbursed a total of ?1.727 trillion among the Federal, State, and Local Government Councils as revenue for November 2024.
A communiqué, issued after the FAAC meeting on Thursday in Abuja, detailed the breakdown of the distribution.
The total distributable revenue included: Statutory revenue, ?455.354 billion; Value-Added Tax (VAT) revenue – ?585.700bn; Electronic Money Transfer Levy (EMTL) – ?15.046bn and Exchange Difference revenue – ?671.392 billion.
The communiqué highlighted that a gross revenue of ?3.143 trillion was generated in November. However, deductions for cost of collection totalled ?103.307 billion, while transfers, interventions, and refunds accounted for ?1.312 trillion.
In the communiqué, Gross statutory revenue for November stood at ?1.827 trillion, an increase of ?490.339bn, when compared to October’s ?1.336 trillion, while Gross VAT revenue was ?628.972 billion, a decrease of ?39.318bn from October’s ?668.291 billion.
From the total ?1.727 trillion distributable revenue, the Federal Government received ?581.856 billion, State governments got ?549.792bn, Local Government Councils were allocated ?402.553bn and ?193.291bn was shared as 13% derivation revenue to oil-producing States.
The FAAC communiqué emphasised the continued commitment to ensuring equitable distribution of revenue among the three-tiers of Government.
