A total sum of ₦1.928 trillion, being the Federation Account revenue for November, has been shared among the Federal Government, states and local government councils (LGCs).
The allocation was approved at the December meeting of the Federation Account Allocation Committee (FAAC) held in Abuja on Monday, according to a communiqué issued at the end of the meeting and made available by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF).
The communiqué stated that the ₦1.928 trillion distributable revenue comprised ₦1.403 trillion in statutory revenue, ₦485.838 billion from Value Added Tax (VAT), and ₦39.646 billion from the Electronic Money Transfer Levy (EMTL).
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It added that total gross revenue of ₦2.343 trillion was available in November, with deductions of ₦84.251 billion for cost of collection, while ₦330.625 billion was set aside for transfers, interventions, refunds and savings.
According to the communiqué, gross statutory revenue of ₦1.736 trillion was recorded in November, representing a decline of ₦427.969 billion from the ₦2.164 trillion received in October. Similarly, gross VAT revenue stood at ₦563.042 billion in November, down by ₦156.785 billion from the ₦719.827 billion recorded in October.
From the total distributable revenue of ₦1.928 trillion, the Federal Government received ₦747.159 billion, state governments received ₦601.731 billion, while LGs received ₦445.266 billion. In addition, ₦134.355 billion, representing 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.
A breakdown showed that from the ₦1.403 trillion statutory revenue, the Federal Government received ₦668.336 billion, states got ₦338.989 billion, LGs received ₦261.346 billion, while ₦134.355 billion was paid as derivation revenue.
From the ₦485.838 billion VAT revenue, the Federal Government received ₦72.876 billion, states received ₦242.919 billion, and LGs got ₦170.043 billion.
The communiqué further noted that from the ₦39.646 billion EMTL, the Federal Government received ₦5.947 billion, states received ₦19.823 billion, while LGs received ₦13.876 billion.
It also disclosed that while excise duty recorded a moderate increase in November, major revenue heads—including Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties, oil and gas royalties, import duty, CET levies, VAT and EMTL—posted significant declines during the month.
