The Federation Account Allocation Committee (FAAC) distributed a substantial N1.72 trillion among Nigeria's three tiers of government in November 2024, marking a significant increase of N310 billion from October's allocation.

Key Highlights of the November Allocation

Overall Financial Breakdown

- Total gross allocation: N3.14 trillion

- Distributable amount: N1.72 trillion

Distribution by Tier

- Federal Government: N581.85 billion

- State Governments: N549.79 billion

- Local Governments: N402.55 billion

Notable Financial Components

- Oil-producing states received N193.29 billion (13% derivation)

- Cost of collection: N103.3 billion

- Transfers, intervention, and refunds: N1.31 trillion

Revenue Streams

Gross Statutory Revenue

- November 2024: N1.82 trillion

- October 2024: N1.33 trillion

- Increase: N490.3 billion (36.7% growth)

Value Added Tax (VAT)

- November 2024: N628.9 billion

- October 2024: N668.2 billion

- Decrease: N39.3 billion

Electronic Money Transfer Levy (EMTL)

- Total distribution: N15 billion

  - Federal Government: N2.2 billion

  - States: N7.5 billion

  - Local Governments: N5.2 billion

Revenue Trends

The Finance Ministry, through FAAC's December meeting chaired by Wale Edun, noted significant increases in oil and gas royalty and CET levies. Conversely, excise duty, VAT, import duty, petroleum profit tax, companies income tax, and EMTL experienced considerable decreases.