The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.727 trillion as November 2024 revenue to the federal, state, and local governments. This allocation was drawn from a gross revenue pool of ₦3.143 trillion.
Under the distribution, the Federal Government received ₦581.856 billion, while the states were allocated ₦549.792 billion. Local Government Councils were given ₦402.553 billion. In addition, oil-producing states were allocated ₦193.291 billion as 13% derivation revenue.
The meeting, presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also approved ₦103.307 billion for the cost of collection and ₦1.312 trillion for Transfers, Intervention, and Refunds. This included ₦25.159 billion for cost of collection and ₦18.114 billion for specific interventions.
Statutory revenue for November amounted to ₦1.827 trillion, representing an increase of ₦490.339 billion compared to October’s figure of ₦1.336 trillion. From this, ₦77.521 billion was deducted for the cost of collection, while ₦1.294 trillion was earmarked for Transfers, Intervention, and Refunds.
The increase in revenue highlights the government’s intensified efforts to boost collection and ensure equitable distribution to the three tiers of government, bolstering Nigeria’s fiscal capacity.
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