FAAC Disburses N1.727 Trillion from N3.134 Trillion Gross Revenue to FG, States LGs

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1. 727 trillion to the federal, states and local governments as well as other stakeholders from a gross revenue of N3.134 trillion for the month of November.

The total distributable revenue of N1.727 trillion for the month of November was drawn from Statutory Revenue of N455.354 billion, Value Added Tax (VAT) of N585.700 billion, N15.046 billion from Electronic Money Transfer Levy (EMTL), and N671.392 billion from Exchange Difference.

The disbursement took place in Abuja on Friday during the December meeting of FAAC which was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Citing a communique issued at the end of the meeting, the Director, Press and Public Relations, Ministry of Finance, Mohammed Manga, from the N1.727 trillion shared, including Gross Statutory Revenue, VAT, Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), the federal government received N581.856 billion, states received N549.792 billion, and local government councils got N402.553 billion.

Oil producing states received N193.291 billion as 13 per cent derivation.

The sum of N103.307 billion was given for the cost of collection, while N1.312 trillion was allocated for 1ransfers, intervention and refunds.

The Gross Revenue available from the VAT for the month of November 2024, was N628.972 billion as against N668.291 billion distributed in the preceding month, resulting in a decrease of N39.318 billion.

From that amount, the sum of N25.159 billion was allocated for the cost of collection and the sum of N18.114 billion given for transfers, intervention and refunds.

The remaining sum of N628.973 billion was distributed to the three tiers of government, of which the federal government got N87.855 billion, the states received N292.850 billion while local government councils got N204.995 billion.

The Gross Statutory Revenue of N1.827 trillion received for the month of November was higher than the sum of N1.336 trillion received in the previous month by N490.339 billion.

From the stated amount, the sum of N77.521 billion was allocated for the cost of collection and the sum of N1.294 trillion for Transfers, Intervention and Refunds.

The remaining balance of N455.354 billion was distributed with the federal government receiving N175.69 billion, states receiving N89.113 billion, and N68.702 billion was allocated to local governments. The sum of N121.849 billion was given to mineral producing states as 13 per cent derivation revenue.

The sum of N15.046 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: Federal government received N2.257 billion, states got N7.523 billion, local government councils received N5.266 billion, while N0.0627 billion was allocated for cost of collection.

Also, the sum of N671.392 billion from Exchange Difference was shared as follows: federal government received N316.054 billion, states got N160.306 billion, the sum of N123.590 billion was allocated to local government councils, N71.442 billion was given for Derivation (13 per cent of mineral revenue).

According to the communique, oil and gas royalty and CET levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), Electronic Money Transfer Levy ( EMTL), decreased considerably.

Ndubuisi Francis

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