The Federal Government, states, and local government councils shared a total of N1.727 trillion in revenue generated in November 2024.
This marks a 22.48% increase from the N1.41 trillion shared in October 2024, according to the Office of the Accountant-General of the Federation (AGF).
The revenue distribution was finalised during the December 2024 Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
In a press statement issued on Friday by Bawa Mokwa, Director of Press and Public Relations, the Office of the Accountant-General confirmed the allocation, noting that the total distributable revenue comprised statutory revenue, VAT, Electronic Money Transfer Levy (EMTL), and exchange difference revenue.
“A total sum of N 1.727 trillion, being November 2024 Federation Accounts Revenue, has been shared to the Federal Government, States and the Local Government Councils,” the statement read.
Revenue components and gross allocations
The breakdown showed that the N1.727 trillion distributable revenue included N455.354 billion in statutory revenue, N585.700 billion from VAT, N15.046 billion from EMTL, and N671.392 billion from exchange difference revenue.
The statement noted, “The N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax revenue of N585.700 billion, Electronic Money Transfer Levy revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.”
- A communiqué issued after the meeting disclosed that gross revenue for November 2024 stood at N3.143 trillion.
- Deductions for the cost of collection amounted to N103.307 billion, while transfers, interventions, and refunds accounted for N1.312 trillion.
- Gross statutory revenue rose significantly to N1.827 trillion in November, up by N490.339 billion from the N1.336 trillion recorded in October.
- However, VAT revenue dropped to N628.972 billion in November, reflecting a N39.318 billion decline compared to October’s N668.291 billion.
From the distributable revenue, the Federal Government received N581.856 billion, while states received N549.792 billion. Local government councils were allocated N402.553 billion, and oil-producing states received N193.291 billion as 13% derivation revenue.
Breakdown of allocations by revenue type
Breaking down the statutory revenue of N455.354 billion, the Federal Government received N175.690 billion, while states and local councils received N89.113 billion and N68.702 billion, respectively. Oil-producing states were allocated N121.849 billion as derivation revenue.
- From the N585.700 billion VAT revenue, N87.855 billion went to the Federal Government, N292.850 billion to states, and N204.995 billion to local councils.
- EMTL revenue of N15.046 billion was distributed as N2.257 billion to the Federal Government, N7.523 billion to states, and N5.266 billion to local councils.
- Similarly, the exchange difference revenue of N671.392 billion was allocated as N316.054 billion to the Federal Government, N160.306 billion to states, N123.590 billion to local councils, and N71.442 billion to oil-producing states as derivation revenue.
The statement highlighted that oil and gas royalty, alongside CET levies, recorded significant increases in November. However, excise duty, VAT, import duty, petroleum profit tax, company income tax, and EMTL showed declines.