The Nigerian government at the federal level, states, and local government councils have received a total of N1.727 trillion, according to the November 2024 Federation Accounts Revenue.
In a communiqué issued on Friday, N1.827 trillion in gross statutory revenue was collected in November 2024. This was N490.339 billion more than the total N1.336 trillion received in October 2024.
In November 2024, the Value Added Tax (VAT) generated a gross revenue of N628.972 billion. This amount was N39.318 billion less than the N668.291 billion available in October 2024.
According to the statement, the Federal Government received N581.856 billion and the State Government received N549.792 billion of the N1.727 trillion total distributable revenue.
A total of N402.553 billion was given to the Local government Councils, while N193.291 billion, or 13% of the mineral revenue, was distributed as derivation revenue to the states that benefited.
According to the communiqué, the Federal Government received N175.690 billion and the State Governments received N89.113 billion of the N455.354 billion in distributable statutory revenue. N68.702 billion was given to the local government councils, while N121.849 billion, or 13% of the mineral revenue, was distributed as derivation revenue to the states that benefited.
The Federal Government received N87.855 billion, State Governments received N292.850 billion, and Local Government Councils received N204.995 billion from the N585.700 billion distributable Value Added Tax (VAT) revenue.
The Federal Government was able to collect N2.257 billion from the N15.046 billion Electronic Money Transfer Levy (EMTL). N7.523 billion went to the state governments, while N5.266 billion went to the local government councils.
According to the communiqué, the Federal Government collected N316.054 billion and the State Governments received N160.306 billion from the N671.392 billion Exchange Difference earnings.
Local Government Councils were given N123.590 billion, and the benefiting states received N71.442 billion, or 13% of mineral revenue, as derivation revenue.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Value Added Tax (VAT), Import Duty, and Electronic Money Transfer Levy (EMTL) all had considerable decreases in November 2024; however, Oil and Gas Royalties and CET Levies saw notable rises.
