The Federal Government, State Governments, and Local Government Councils have shared a total of N1.727 trillion from November 2024 revenue, as disclosed during the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
The allocation includes:
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 for the month stood at N3.143 trillion, with deductions of N103.307 billion for collection costs and N1.312 trillion for transfers and interventions.
Revenue Sharing Breakdown:
Federal Government: N581.856 billion
State Governments: N549.792 billion
Local Government Councils: N402.553 billion
Derivation (13% of mineral revenue): N193.291 billion
Compared to October 2024, gross statutory revenue increased by N490.339 billion to N1.827 trillion, while VAT revenue decreased to N628.972 billion, marking a shortfall of N39.318 billion.
Sector Performance:
Increased Revenues: Oil and Gas Royalty, CET Levies
Decreased Revenues: Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL
This revenue distribution reflects the federal government’s commitment to equitable allocation among the three tiers of government.
