FG, states, LGs share whopping N1.727trn at November FAAC meeting

The Federal Accounts Allocation Committee (FAAC) has distributed a massive N1.727 trillion to the federal government, states, and local government councils for November.

This significant allocation aims to support governance and development across all tiers of government, Persecondnews reports.

A breakdown of the total distributable revenue is as follows:

-Statutory Revenue N455.354 billion
– Value-Added Tax (VAT) Revenue N585.700 billion
– Electronic Money Transfer Levy (EMTL) Revenue N15.046 billion
– Exchange Difference Revenue N671.392 billion

The distribution of the N1.727 trillion is as follows:

– 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.

Gross statutory revenue of N1.827 trillion was received for November, a significant increase of N490.339 billion from the N1.336 trillion received in October 2024.

“Total deduction for the cost of collection was N103.307 billion, while total transfers, interventions, and refunds were N1.312 trillion,” it said.

It said that gross statutory revenue of N1.827 trillion was received for November.

“This is higher than N1.336 trillion received in 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 October by N39.318 billion,” it said.