THE Federation Accounts Allocation Committee (FAAC) has shared N1.727 trillion among the Federal Government, states, and local government areas for November.
This is contained in a communiqué issued after the FAAC meeting held on Thursday, December 12 in Abuja.
According to the communiqué, the N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion.
It also comprised distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
The communiqué indicated that total gross revenue of N3.143 trillion was available in the month of November.
“Total deduction for cost of collection was N103.307 billion, while total transfers, interventions, and refunds was N1.312 trillion,” it said.
It said that gross statutory revenue of N1.827 trillion was received for the month of November.
“This is higher than the sum of N1.336 trillion received in the month of October 2024 by N490.339 billion.
“Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in the month of October by N39.318 billion ” it said.
The communiqué said that from the N1.727 trillion total distributable revenue, the Federal Government received the total sum of N581.856 billion, and the state governments received N549.792 billion.
“The LGCs received the sum of N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
On the N455.354 billion statutory revenue, the communiqué said that the Federal Government received N175.690 billion, and the state governments received N89.113 billion.
It said that the LGCs received N68.702 billion, and the sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.
“A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.
It said that in November, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably.
Since the total removal of fuel subsidy by the Bola-Tinubu led administration, federation allocation has improved hugely with some economic watchers calling on citizens to advocate for priority spendings in health and public infrastructure by public officers.
“Nigerians must begin to ask questions over spendings by public office holders, they need to question every spending. This is not the time for more flambuoyant spendings by the politicians, it’s time for work since Nigerians have made the sacrifice of going without petrol subsidy, we need to see more good road networks across the country, good public schools and health infrastructure across the country,” a development economist, Celestine Okeke told The ICIR.
The ICIR reported that the Gross revenue of N668.291 billion was available and distributed from the Value Added Tax (VAT) in October 2024. This was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.