The Federation Accounts Allocation Committee (FAAC) has allocated N1.727 trillion to the Federal Government, State Governments, and Local Government Councils. The distribution, derived from November 2024 revenue, was finalized during FAAC December meeting in Abuja, as disclosed by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
Breakdown of Revenue Sources
The total distributable revenue of N1.727 trillion comprises:
- Statutory Revenue: N455.354 billion
- Value Added Tax (VAT): N585.700 billion
- Electronic Money Transfer Levy (EMTL): N15.046 billion
- Exchange Difference Revenue: N671.392 billion
Gross Revenue Insights
In November 2024, gross revenue stood at N3.143 trillion, marking a significant inflow. However, deductions for collection costs (N103.307 billion) and transfers, interventions, and refunds (N1.312 trillion) left N1.727 trillion for distribution.
- Gross Statutory Revenue: N1.827 trillion (up by N490.339 billion from October’s N1.336 trillion)
- VAT Revenue: N628.972 billion (a decline from October’s N668.291 billion)
Distribution Among Beneficiaries
The N1.727 trillion was shared as follows:
- Federal Government: N581.856 billion
- State Governments: N549.792 billion
- Local Government Councils: N402.553 billion
- Derivation Revenue (13% of mineral revenue): N193.291 billion
Detailed Allocation
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
This substantial allocation reflects FAAC’s commitment to ensuring equitable revenue sharing to support governance and development at all levels. The funds are expected to bolster governance initiatives, infrastructure development, and service delivery across Nigeria.
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
