The Federation Accounts Allocation Committee (FAAC) on Friday shared a total sum of N1.727 trillion, being November 2024 Federation Accounts Revenue to the Federal, States and the Local Governments.
The revenue was shared at the December 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja.
The N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable 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.
In a statement issued by Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation, he said a communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that total gross revenue of N3.143 trillion was available in the month of November 2024.
Total deduction for cost of collection was N103.307 billion while total transfers, interventions and refunds was N1.312 trillion.
According to the communiqué, gross statutory revenue of N1.827 trillion was received for the month of November 2024. This was higher than the sum of ₦1.336 trillion received in the month of October 2024 by N490.339 billion.
Gross revenue of N628.972 billion was available from the Value Added Tax (VAT) in November 2024. This was lower than the N668.291 billion available in the month of October 2024 by N39.318 billion.
The communiqué stated that from the N1.727 trillion total distributable revenue, the Federal Government received total sum of N581.856 billion and the State Governments received total sum of N549.792 billion.
The Local Government Councils received total sum of N402.553 billion and a total sum of N193.291 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N455.354 billion distributable statutory revenue, the communiqué stated that the Federal Government received N175.690 billion and the State Governments received N89.113 billion.
Be the first to comment