The Federal Accounts Allocation Committee (FAAC) shared N1.727 trillion among the federal government, states, and local government councils (LGCs) for November, according to a communiqué issued after the FAAC meeting in Abuja.
The N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion, 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.
The communiqué indicated a total gross revenue of N3.143 trillion was available in November.
“Total deduction for the cost of collection was N103.307 billion, while total transfers, interventions, and refunds were N1.312 trillion,” it said.
It said that gross statutory revenue of N1.827 trillion was received for November.
“This is higher than N1.336 trillion received in October 2024 by N490.339 billion.
“Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in October by N39.318 billion,” it said.
The communiqué said that out of the N1.727 trillion total distributable revenue, the Federal Government received N581.856 billion, and the state governments received N549.792 billion.
“The LGCs received N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
Regarding the N455.354 billion statutory revenue, the communiqué said the federal government received N175.690 billion, and the state governments received N89.113 billion.
It said the LGCs received N68.702 billion, and N121.849 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
“From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.
“The Federal Government received a total sum of N2.257 billion from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.
It said that Oil and Gas Royalties and CET Levies recorded significant increases in November, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably.
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