FAAC: FEDERAL GOVERNMENT, STATES AND LGC SPEND N1.727 TRILLION OUT OF GROSS

 FAAC:
FEDERAL GOVERNMENT, STATES AND LGC SPEND N1.727 TRILLION  OUT OF GROSS TOTAL OF N3.143 TRILLION FOR THE MONTH OF NOVEMBER 2024
The Federation Allocation Committee  of Accounts (FAAC), at its December 2024  meeting, chaired by the Honourable Minister of Finance and Coordinating Minister  for the Economy, Wale Edun,  allocated a total sum of N1.727  trillion to the three tiers of government as  the Federation's allocation for the month of  November 2024  out of a gross total of N3.143  trillion.
Out of the amount  declared which includes Gross Statutory Revenue, Value Added Tax (VAT), Electronic  Funds Transfer  Tax (EMTL), Exchange Difference (ED), the Federal Government received N581.856  billion, States received N549.792  billion, Local Councils  received N402.553  billion, while Oil  producing states received N193.291  billion. naira as  derivation (13% of  mining revenue).
An amount of N103.307  billion was given for  collection cost, while N1.312  billion was allocated for  transfers, interventions and  refunds.
The statement issued by the Federation  Accounts Allocation Committee (FAAC) at the end of the meeting  showed that  gross value added tax (VAT)  collection for the month of November  2024 was N628.972  billion compared to N668.291  billion the  previous month, resulting in a  decrease of N39.318  billion.
Of this amount, the sum of N25.159  billion was allocated  to collection  expenditure and the sum of N18.114  billion was allocated to transfers, interventions and  refunds. The remaining sum of N628.973  billion was distributed to the three tiers of government, of which the Federal Government  received N87.855 billion, the states got  N292.850 billion and the  local councils got N204.995  billion.
As a result, the  gross state revenue of N1.827  trillion received for the month was  N490.339 billion higher than the  amount of N1.336  trillion received in the previous  month. Of the  amount shown, the sum of N77.521  billion was allocated  to recovery costs and a total sum of N1.294  trillion to transfers, interventions and  reimbursements.
English The remaining balance of N455.354  billion was distributed  among the three tiers of  government as follows: The Federal Government  received the sum of N175.690  billion, the states received  the sum of N89.113  billion, the sum of N68.702  billion. was allocated to  local governments and N121.849  billion was  paid out of revenue streams (13%  of mineral producing  states).
In addition, the sum of N15.046  billion from  the Electronic Money Transfer  Tax (EMTL) was distributed  among the three (3) tiers of government as follows: the  federal government received N2.257  billion, the states received N7.523  billion, the local councils received N5.266  billion while  N0.000 billion was paid to the local government. 0.627 billion was allocated for  recovery costs.
The statement also  revealed that the sum of N671.392  billion from  the foreign exchange difference was  divided as follows:  the federal government received N316.054  billion, the states received N160.306  billion, the sum of N123.590  billion naira was allocated to  local government councils, 71.442 billion naira was given for  derivation (13% of  mining revenue).
Oil and  gas royalties and CET  taxes saw significant  growth, while  excise duties, value added tax (VAT),  import duties, petroleum profits tax (PPT) and  corporate income tax (CIT),  electronic funds transfer (EMTL) were significantly reduced.
According to the  statement, the total revenue  allocated for the current month of November  2024 is derived from  statutory revenue of N455.354  billion, Value Added Tax (VAT) of N585.700  billion, Naira from Electronic Money Transfer Levy  (EMTL) and  N671. .392 billion from  exchange difference, bringing the total  distribution amount for the month to N1.727  trillion.
Mohammed Manga FCIA
Director, Information and Public Relations
December 13, 2024.

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