The latest report of the Account Allocation Committee (AAC) meeting for the month of November has revealed a total distribution of N1.727 trillion among the Federal Government, States and Local Government Councils (LGCs).
The statement issued after the AAC meeting held on Thursday in Abuja indicated that the total sum of N1.727 trillion distributable revenue comprised statutory revenue of N455.354 billion.
The amount also comprised Value Added Tax (VAT) revenue of N585.700 billion, Electronic Transfer Levy (EMTL) revenue of N15.046 billion and Foreign Exchange Difference revenue of N671.392 billion.
The report highlighted that a total gross revenue of N3.143 trillion was available as at November. “Deductions totalling N103.307 billion were made as collection costs, while transfers, interventions and refunds amounting to N1.312 trillion were made,” it said.
The report also indicated that statutory revenue amounting to N1.827 trillion was collected for November. This represents an increase of N490.339 billion from the N1.336 trillion received in October 2024.
Furthermore, the report mentioned that N628.972 billion of VAT revenue was available in November, which was N39.318 billion less than the N668.291 billion available in October.
Under this distribution, the Federal Government received a total of N581.856 billion, the States N549.792 billion and the LGCs N402.553 billion. In addition, a total of N193.291 billion (13% of the mineral revenue) was shared among the beneficiary States as derivation revenue.
In the breakdown of the statutory revenue of N455.354 billion, the Federal Government received N175.690 billion, the States N89.113 billion and the LGCs N68.702 billion. N121.849 billion (13% of the mineral revenue) was shared with the beneficiary States as derivation revenue.
As for the VAT revenue of N585.7 trillion, the Federal Government received N87.855 billion, States N292.850 billion and LGCs N204.995 billion.
Finally, the Federal Government received an amount of N2.257 billion as Electronic Transfer Tax of N15.046 billion, States N7.523 billion and LGCs N5.266 billion..
This CRAC report for November highlights the importance of transparency in the management of national revenues and resources, while highlighting the need for effective and efficient use of these funds for the economic and social development of the country.