N1.727trn November revenue shared among FG, states, LGCs
The Federal Government, States, and Local Government Councils have shared a sum of N1.727 trillion November 2024 Federation Accounts Revenue
According to a statement signed by FAAC Director of Press and Public Relations, Bawa Mokwa, on Friday, the revenue was shared at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.
Giving a breakdown of the money shared, Mokwa noted that the N1.727 trillion total distributable revenue comprised of 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.
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Mokwa added that a communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that a total gross revenue of N3.143 trillion was available in November 2024. The total deduction for the cost of collection was N103.307 billion, while total transfers, interventions, and refunds were N1.312 trillion.
According to the communiqué, gross statutory revenue of N1.827 trillion was received for November 2024. This was higher than the sum of N1.336 trillion received in October 2024 by N490.339 billion, adding that 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 October 2024 by N39.318 billion.
The communiqué also stated that from the N1.727 trillion total distributable revenue, the federal government received a total sum of N581.856 billion, and the state governments received a total sum of N549.792 billion, while local government councils received a total sum of N402.553 billion, and a total sum of N193.291 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Source: Channels TV
