The Federation Account Allocation Committee (FAAC) disbursed a total of ₦1.72 trillion to federal, states and local government councils in November. This represents a slight increase from ₦1.4 trillion disbursed in the previous month.
According to BusinessDay, the total amount allocated was from the ₦3.143 trillion total gross revenue for the month of November. This is higher than ₦2.668 trillion gross revenue recorded in October 2024, according to the communique issued by the committee at the end of its December 2024 meeting chaired by Wale Edun, minister of finance and the coordinating minister of the economy on Friday.
The stated amount includes income from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED). The federal government received N581.856 billion, states got ₦549.792 billion, while local government councils got ₦402.553 billion. Oil-producing states received ₦193.291 billion as derivation, (13 per cent of mineral revenue).
The sum of ₦103.307 billion was given for the cost of collection, while ₦1.312 trillion was allocated for transfers intervention and refunds.
The communique indicates that the gross revenue available from the VAT for the month of November 2024 was ₦628.972 billion as against ₦668.291 billion distributed in the preceding month, indicating a decrease of ₦39.318 billion.
