FAAC SHARES THE SUM OF N1.7 TRN TO THE 3 TIERS OF GOVERNMENT FOR THE MONTH OF NOVEMBER 2024 OUT OF N3.14TRN AS FEDERATION ALLOCATION
13-12-24
By Sadiq Aminu The Federation Account Allocation Committee,FAAC, at its December 2024 meeting has shared the sum of one point seven two seven Trillion Naira to the three tiers of Government as the Federation Allocation for the month of November 2024
from a gross total of three point one four three Trillion Naira.
The Federal Government received five hundred and Eighty one point eight five six billion Naira, the States received five hundred and forty nine point seven nine two billion, while the Local Government Councils got Four hundred and two point five five three billion Naira.
The Oil Producing States received one hundred and ninety three point two nine one billion naira as thirteen percent Derivation revenue.
A statement by the Director Information and Public Relations Ministry of Finance, Mallam Mohammed Manga says the Minister of Finance and Cordinating Minister of the Economy, Mr.Wale Edun chaired the meeting in Abuja where the sum of one hundred and three point three zero seven billion Naira was given for the cost of collection, while one point three one two Trillion naira was allocated for Transfers Intervention and Refunds.
From that amount, the sum of N25.159 Billion was allocated for the cost of collection and the sum of N18.114 Billion given for Transfers, Intervention and Refunds. The remaining sum of N628.973 Billion was distributed to the three tiers of government, of which the Federal Government got N87.855 Billion, the States received N292.850 Billion and Local Government Councils got N204.995 Billion.
Accordingly, the Gross Statutory Revenue of N1.827 Trillion received for the month was higher than the sum of N1.336 Trillion received in the previous month by N490.339 Billion. From the stated amount, the sum of N77.521 Billion was allocated for the cost of collection and a total sum of N1.294 Trillion for Transfers, Intervention and Refunds.