Abuja: A total sum of N1.928 trillion, representing the November Federation Account Revenue, has been distributed among the Federal Government, states, and Local Government Councils (LGs). The revenue allocation was finalized during the December Federation Account Allocation Committee (FAAC) meeting held in Abuja on Monday.
According to News Agency of Nigeria, a communiqu© issued at the conclusion of the meeting was shared by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF). The communiqu© outlined that the N1.928 trillion distributable revenue consisted of statutory revenue amounting to N1.403 trillion, Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) revenue totaling N39.646 billion.
The communiqu© indicated that the total gross revenue available for November was N2.343 trillion. Deductions for the cost of collection amounted to N84.251 billion, while total transfers, interventions, refunds, and savings were N330.625 billion. The gross statutory revenue received for November was N1.736 trillion, which was N427.969 billion lower than the N2.164 trillion received in October. Additionally, gross revenue from VAT in November was N563.042 billion, a decrease of N156.785 billion from the N719.827 billion available in October.
From the N1.928 trillion total distributable revenue, the Federal Government received N747.159 billion, state governments received N601.731 billion, and LGs received N445.266 billion. Furthermore, N134.355 billion, representing 13 percent of mineral revenue, was allocated to the benefiting states as derivation revenue.
The breakdown of the N1.403 trillion distributable statutory revenue showed that the Federal Government received N668.336 billion, state governments received N338.989 billion, and LGs received N261.346 billion, with N134.355 billion allocated to states as derivation revenue. From the N485.838 billion distributable VAT revenue, the Federal Government received N72.876 billion, state governments received N242.919 billion, and the LGs received N170.043 billion. The EMTL revenue distribution saw the Federal Government receiving N5.947 billion, state governments receiving N19.823 billion, and LGs receiving N13.876 billion. In November, there was a moderate increase in Excise Duty.