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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