According to the FGN’s November allocation report it shared a total sum of N1.727 Trillion to the three tiers of government as Federation Allocation for the month of November, 2024 from a gross total of N3.143 Trillion.
A breakdown of the stated amountt inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED),reveals the Federal Government received N581.856 Billion, the States received N549.792 Billion, the Local Government Councils got N402.553 Billion, while the Oil Producing States received N193.291 Billion as Derivation, (13% of Mineral Revenue).
Thus was contained in a Communique issued by the Federation Account Allocation Committee (FAAC) at the end it’s December meeting.
It was revealed oil and Gas Royalty and CET levies recorded significant increases, while Excise Duty, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT), Electronic Money Transfer Levy ( EMTL), decreased considerably.
According to the Communique, the total revenue distributable for the current month of November 2024, 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, bringing the total distributable amount for the month to N1.727 Trillion.
