November revenue soars to N1.727tr on exchange rate differential
Minister of Finance, Wale Edun
By Joseph Chibueze, Abuja
An exchange rate difference revenue of N671.392 billion pushed November 2024 revenue shared by the three tiers of government to N1.727 trillion, compared to the N1.411 trillion shared in October, according to the Federation Accounts Allocation Committee (FAAC) at the end of its meeting held on Friday in Abuja.
FAAC, in a communiqué at the end of the meeting, said the N1.727 trillion total distributable revenue comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion, and Exchange Difference revenue of N671.392 billion.
According to the communiqué, a total gross revenue of N3.143 trillion was available in November 2024. Total deductions for the cost of collection were N103.307 billion, while total transfers, interventions, and refunds amounted to N1.312 trillion.
It explained that gross statutory revenue of N1.827 trillion was received for November 2024. This was higher than the N1.336 trillion received in October 2024 by N490.339 billion.
FAAC said gross revenue of N628.972 billion was available from VAT in November 2024. This was lower than the N668.291 billion available in October 2024 by N39.318 billion.
The communiqué further stated that from the N1.727 trillion total distributable revenue, the Federal Government received a total sum of N581.856 billion, the State Governments received N549.792 billion, while Local Government Councils received N402.553 billion. A total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N455.354 billion distributable statutory revenue, the communiqué stated that the Federal Government received N175.690 billion, the State Governments received N89.113 billion, and the Local Government Councils received N68.702 billion. The sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N585.700 billion distributable VAT revenue, the Federal Government received N87.855 billion, the State Governments received N292.850 billion, and the Local Government Councils received N204.995 billion.
“A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.523 billion, and the Local Government Councils received N5.266 billion,” the communiqué said.
From the N671.392 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N316.054 billion, the State Governments received N160.306 billion, and Local Government Councils received N123.590 billion, while the sum of N71.442 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
FAAC said in November 2024, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL decreased considerably.
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