FAAC Disburses N1.72trn to FG, States, LGs for November 2024 Revenue

The Federation Account Allocation Committee (FAAC) has distributed N1.72 trillion to the federal, state, and local governments for November 2024 revenue.

The gross total revenue for November stood at N3.14 trillion, with the distributable amount set at N1.72 trillion.

The Minister of Finance, Wale Edun, presided over the FAAC meeting, where the revenue allocation was made.

According to the allocation, the federal government received N581.85 billion, while state governments got N549.79 billion. Local governments received N402.55 billion.

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Oil-producing states received N193.29 billion as derivation (13 percent of mineral revenue). An additional N103.3 billion was earmarked for collection costs, while N1.31 trillion was allocated for transfer interventions and refunds.

The revenue distribution is as follows:

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Value Added Tax (VAT) accounted for N628.9 billion, with the federal government receiving N87.8 billion, states getting N292.8 billion, and local governments receiving N204.9 billion.

Gross Statutory Revenue stood at N1.82 trillion, with the federal government receiving N175.6 billion, states getting N89.1 billion, and local governments receiving N68.7 billion.

Electronic Money Transfer Levy (EMTL) accounted for N15 billion, with the federal government receiving N2.2 billion, states getting N7.5 billion, and local governments receiving N5.2 billion.