FG, States, LGCs share N1.727 trillion November income, 22.48% larger than October 

The Federal Authorities, states, and native authorities councils shared a complete of N1.727 trillion in income generated in November 2024.

This marks a 22.48% enhance from the N1.41 trillion shared in October 2024, in line with the Workplace of the Accountant-Normal of the Federation (AGF).

The income distribution was finalised through the December 2024 Federation Accounts Allocation Committee (FAAC) assembly held in Abuja.

In a press assertion issued on Friday by Bawa Mokwa, Director of Press and Public Relations, the Workplace of the Accountant-Normal confirmed the allocation, noting that the whole distributable income comprised statutory income, VAT, Digital Cash Switch Levy (EMTL), and trade distinction income.

“A complete sum of N 1.727 trillion, being November 2024 Federation Accounts Income, has been shared to the Federal Authorities, States and the Native Authorities Councils,” the assertion learn. 

Income parts and gross allocations 

The breakdown confirmed that the N1.727 trillion distributable income included N455.354 billion in statutory income, N585.700 billion from VAT, N15.046 billion from EMTL, and N671.392 billion from trade distinction income.

The assertion famous, “The N1.727 trillion whole distributable income comprised distributable statutory income of N455.354 billion, distributable Worth Added Tax income of N585.700 billion, Digital Cash Switch Levy income of N15.046 billion and Alternate Distinction income of N671.392 billion.” 

• A communiqué issued after the assembly disclosed that gross income for November 2024 stood at N3.143 trillion.
• Deductions for the price of assortment amounted to N103.307 billion, whereas transfers, interventions, and refunds accounted for N1.312 trillion.
• Gross statutory income rose considerably to N1.827 trillion in November, up by N490.339 billion from the N1.336 trillion recorded in October.
• Nevertheless, VAT income dropped to N628.972 billion in November, reflecting a N39.318 billion decline in comparison with October’s N668.291 billion.

From the distributable income, the Federal Authorities acquired N581.856 billion, whereas states acquired N549.792 billion. Native authorities councils have been allotted N402.553 billion, and oil-producing states acquired N193.291 billion as 13% derivation income.

Breakdown of allocations by income kind 

Breaking down the statutory income of N455.354 billion, the Federal Authorities acquired N175.690 billion, whereas states and native councils acquired N89.113 billion and N68.702 billion, respectively. Oil-producing states have been allotted N121.849 billion as derivation income.

• From the N585.700 billion VAT income, N87.855 billion went to the Federal Authorities, N292.850 billion to states, and N204.995 billion to native councils.
• EMTL income of N15.046 billion was distributed as N2.257 billion to the Federal Authorities, N7.523 billion to states, and N5.266 billion to native councils.
• Equally, the trade distinction income of N671.392 billion was allotted as N316.054 billion to the Federal Authorities, N160.306 billion to states, N123.590 billion to native councils, and N71.442 billion to oil-producing states as derivation income.

The assertion highlighted that oil and fuel royalty, alongside CET levies, recorded important will increase in November. Nevertheless, excise obligation, VAT, import obligation, petroleum revenue tax, firm revenue tax, and EMTL confirmed declines.