FAAC Shares N1.7trn To FG, States, LGs

FAAC Shares N1.7trn To FG, States, LGs

The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the Federal Government, State Governments, and Local Government Councils from November 2024 Federation Accounts Revenue.

Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), disclosed this in a statement issued this evening. The allocation was finalized during FAAC’s December 2024 meeting held in Abuja.

The total distributable revenue comprised:

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 of N3.143 trillion was available in November 2024. After deducting N103.307 billion for collection costs and N1.312 trillion for transfers, interventions, and refunds, N1.727 trillion was left for distribution.

Revenue Comparisons

Gross Statutory Revenue: N1.827 trillion in November 2024, a N490.339 billion increase from N1.336 trillion in October 2024.

Value Added Tax (VAT): N628.972 billion in November 2024, a decrease of N39.318 billion from N668.291 billion in October 2024.

Distribution of N1.727 Trillion

Federal Government: N581.856 billion

State Governments: N549.792 billion

Local Government Councils: N402.553 billion

Derivation Revenue (13% of mineral revenue): N193.291 billion

Detailed Allocation

Statutory Revenue (N455.354 billion):

Federal Government: N175.690 billion

State Governments: N89.113 billion

Local Government Councils: N68.702 billion

Derivation Revenue: N121.849 billion

VAT Revenue (N585.700 billion):

Federal Government: N87.855 billion

State Governments: N292.850 billion

Local Government Councils: N204.995 billion

Electronic Money Transfer Levy (N15.046 billion):

Federal Government: N2.257 billion

State Governments: N7.523 billion

Local Government Councils: N5.266 billion

Exchange Difference Revenue (N671.392 billion):

Federal Government: N316.054 billion

State Governments: N160.306 billion

Local Government Councils: N123.590 billion

Derivation Revenue: N71.442 billion

This significant allocation underscores FAAC’s role in equitable distribution of revenue to support governance and development across all tiers of government.