The three tiers of government on Friday shared the sum of ₦1.72 trillion as revenue allocation for November.
The Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a communiqué issued at the end of the Federation Accounts and Allocation Committee (FAAC) meeting in Abuja.
He said the 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 billion.
The spokesman added that the total gross revenue of N3.143 trillion was available in November 2024.
The total deduction for the cost of collection was N103.307 billion while total transfers, interventions, and refunds were N1.312 trillion.
The communiqué read: “The gross statutory revenue of N1.827 trillion was received for November 2024. This was higher than the sum of N1.336 trillion received in 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 October 2024 by N39.318 billion.
“From the N1.727 trillion total distributable revenue, the Federal Government received a total sum of N581.856 billion and the State Governments received a total sum of N549.792 billion.
“The Local Government Councils received a 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. The Local Government Councils received N68.702 billion and the sum of N121.849 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N585.700 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N87.855 billion, the State Governments received N292.850 billion and the Local Government Councils received N204.995 billion.
“A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.523 billion and the Local Government Councils received N5.266 billion.”
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