The Federation Accounts Allocation Committee (FAAC) has allocated a total of N1.727 trillion to the three tiers of government from the November 2024 Federation Accounts Revenue.
The allocation, which was finalized during the committee’s December 2024 meeting in Abuja, was announced by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
The total distributable revenue of N1.727 trillion was derived from various sources, including Statutory Revenue of N455.354 billion, Value Added Tax (VAT) of N585.700 billion, Electronic Money Transfer Levy (EMTL) of N15.046 billion, and Exchange Difference Revenue of N671.392 billion. The gross revenue available in November 2024 was N3.143 trillion, from which deductions were made for collection costs, transfers, interventions, and refunds, leaving the distributable amount.
Revenue comparisons show that the Gross Statutory Revenue increased by N490.339 billion, from N1.336 trillion in October 2024 to N1.827 trillion in November 2024. However, VAT revenue decreased slightly by N39.318 billion, from N668.291 billion in October 2024 to N628.972 billion in November 2024.
The allocation breakdown shows that the Federal Government received N581.856 billion, State Governments received N549.792 billion, Local Government Councils received N402.553 billion, and N193.291 billion was allocated to Derivation Revenue, which represents 13% of mineral revenue.
The detailed allocation from each revenue source is as follows:
Statutory Revenue (N455.354 billion):
– Federal Government: N175.690 billion
– State Governments: N89.113 billion
– Local Government Councils: N68.702 billion
– Derivation Revenue: N121.849 billion
VAT Revenue (N585.700 billion):
– Federal Government: N87.855 billion
– State Governments: N292.850 billion
– Local Government Councils: N204.995 billion
Electronic Money Transfer Levy (N15.046 billion):
– Federal Government: N2.257 billion
– State Governments: N7.523 billion
– Local Government Councils: N5.266 billion
Exchange Difference Revenue (N671.392 billion):
– Federal Government: N316.054 billion
– State Governments: N160.306 billion
– Local Government Councils: N123.590 billion
– Derivation Revenue: N71.442 billion
The substantial allocation highlights FAAC’s crucial role in ensuring the equitable distribution of revenue to support governance and development initiatives at the federal, state, and local levels across Nigeria.