The Federation Account Allocation Committee (FAAC) has shared N1.72 trillion for November 2024, marking a N310 billion increase from October.
The allocation was announced during FAAC’s December meeting in Abuja, chaired by Finance Minister Wale Edun.
The gross total revenue for November was N3.14 trillion, with N1.72 trillion set aside for distribution to governments.
The federal government received N581.85 billion, states got N549.79 billion, and local governments received N402.55 billion in total.
Oil-producing states were allocated N193.29 billion as derivation, representing 13 percent of the mineral revenue for the month.
The total value-added tax (VAT) collected for November was N628.9 billion, a decrease from the previous month’s total.
A sum of N25.1 billion was allocated for collection costs, while N18.1 billion was for transfers and refunds.
Gross statutory revenue amounted to N1.82 trillion, higher than October’s N1.33 trillion by N490.3 billion or 36.7%.
The federal government received N175.6 billion from the statutory revenue, while states got N89.1 billion and local governments N68.7 billion.
A total of N121.8 billion was allocated to mineral-producing states as part of the 13 percent derivation revenue.
From the electronic money transfer levy, N15 billion was distributed, with the federal government receiving N2.2 billion.
The exchange difference amounted to N671.3 billion, with the federal government receiving N316 billion and local governments N123 billion.
Oil and gas royalties, along with CET levies, saw significant increases, while other revenue sources decreased during the month.
