Kehinde Fajobi
The Federation Accounts Allocation Committee (FAAC) has distributed a total of ₦1.727 trillion from November 2024 revenue to the Federal Government, State Governments, and Local Government Councils.
This was disclosed by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, in a statement issued Friday evening.
The allocation followed FAAC’s December 2024 meeting in Abuja.
The total distributable revenue comprised ₦455.354 billion from statutory revenue, ₦585.7 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from exchange difference revenue.
Gross revenue for November 2024 stood at ₦3.143 trillion. After deducting ₦103.307 billion for collection costs and ₦1.312 trillion for transfers, interventions, and refunds, ₦1.727 trillion was left for distribution.
Revenue Breakdown
Federal Government: ₦581.856 billion
State Governments: ₦549.792 billion
Local Government Councils: ₦402.553 billion
Derivation Revenue (13% of mineral revenue): ₦193.291 billion
Detailed Allocation
From the ₦455.354 billion statutory revenue:
Federal Government received ₦175.690 billion.
State Governments received ₦89.113 billion.
Local Government Councils received ₦68.702 billion.
Derivation revenue accounted for ₦121.849 billion.
From the ₦585.7 billion VAT revenue:
Federal Government received ₦87.855 billion.
State Governments received ₦292.850 billion.
Local Government Councils received ₦204.995 billion.
From the ₦15.046 billion EMTL revenue:
Federal Government received ₦2.257 billion.
State Governments received ₦7.523 billion.
Local Government Councils received ₦5.266 billion.
From the ₦671.392 billion exchange difference revenue:
Federal Government received ₦316.054 billion.
State Governments received ₦160.306 billion.
Local Government Councils received ₦123.590 billion.
Derivation revenue accounted for ₦71.442 billion.