FAAC shares N1.7trn to FG, states, LGs
The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the Federal Government, State Governments, and Local Government Councils from November 2024 Federation Accounts Revenue.
Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), disclosed this in a statement issued this evening. The allocation was finalized during FAAC’s December 2024 meeting held in Abuja.
The total distributable revenue comprised:
Statutory Revenue: N455.354 billion
Value Added Tax (VAT): N585.700 billion
Electronic Money Transfer Levy (EMTL): N15.046 billion
Exchange Difference Revenue: N671.392 billion
Gross revenue of N3.143 trillion was available in November 2024. After deducting N103.307 billion for collection costs and N1.312 trillion for transfers, interventions, and refunds, N1.727 trillion was left for distribution.
Revenue Comparisons
Gross Statutory Revenue: N1.827 trillion in November 2024, a N490.339 billion increase from N1.336 trillion in October 2024.
Value Added Tax (VAT): N628.972 billion in November 2024, a decrease of N39.318 billion from N668.291 billion in October 2024.
Distribution of N1.727 Trillion
Federal Government: N581.856 billion
State Governments: N549.792 billion
Local Government Councils: N402.553 billion
Derivation Revenue (13% of mineral revenue): N193.291 billion
Detailed Allocation
Statutory Revenue (N455.354 billion):
Federal Government: N175.690 billion
State Governments: N89.113 billion
Local Government Councils: N68.702 billion
Derivation Revenue: N121.849 billion
VAT Revenue (N585.700 billion):
Federal Government: N87.855 billion
State Governments: N292.850 billion
Local Government Councils: N204.995 billion
Read Also: Police arrest father over sudden death of son in Anambra
Electronic Money Transfer Levy (N15.046 billion):
Federal Government: N2.257 billion
State Governments: N7.523 billion
Local Government Councils: N5.266 billion
Exchange Difference Revenue (N671.392 billion):
Federal Government: N316.054 billion
State Governments: N160.306 billion
Local Government Councils: N123.590 billion
Derivation Revenue: N71.442 billion
This significant allocation underscores FAAC’s role in equitable distribution of revenue to support governance and development across all tiers of government.
