In November 2024, the Federal Government distributed N1.727 trillion among federal, state, and local governments, sourced from a gross revenue of N3.143 trillion.
The allocation was decided during the December meeting of the Federation Account Allocation Committee (FAAC), led by Finance Minister Wale Edun.
From the total, the federal government received N581.856 billion, states were allocated N549.792 billion, and local governments got N402.553 billion.
Additionally, N193.291 billion was set aside for oil-producing states as 13% derivation revenue.
The Value Added Tax (VAT) revenue for November stood at N628.972 billion, a drop of N39.318 billion from the previous month.
After deductions for collection costs and transfers, N628.973 billion was shared: N87.855 billion went to the federal government, N292.850 billion to states, and N204.995 billion to local councils.
READ ALSO: Federal Government Monitors Ekpa’s Trial in Finland
Gross statutory revenue climbed to N1.827 trillion, an increase of N490.339 billion from October.
Out of this, N455.354 billion was shared among the three tiers, with the federal government receiving N175.690 billion, states N89.113 billion, and local councils N68.702 billion.
Revenue from the Electronic Money Transfer Levy (EMTL) totaled N15.046 billion, with federal, state, and local governments receiving N2.257 billion, N7.523 billion, and N5.266 billion, respectively.
An exchange rate adjustment also added N671.392 billion to the distributable pool, with allocations spread across the three levels of government.
Despite the boost in oil and gas royalties, revenues from other streams like import duties, excise taxes, and electronic transfer levies saw declines.
