The Federation Account Allocation Committee (FAAC) has shared ₦1.727 trillion November revenue among the three tiers of government as the Federation Allocation for November 2024. This was drawn from a gross revenue of ₦3.143 trillion.

The Federal Government received ₦581.856 billion, the States got ₦549.792 billion, and Local Government Councils were allocated ₦402.553 billion. Additionally, oil-producing states were granted ₦193.291 billion as 13% derivation revenue.

The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also allocated ₦103.307 billion for the cost of collection and ₦1.312 trillion for Transfers, Intervention, and Refunds. Out of this, ₦25.159 billion was set aside for cost of collection, while ₦18.114 billion was allocated for specific interventions.

In terms of statutory revenue, a gross amount of ₦1.827 trillion was received in November, marking an increase of ₦490.339 billion compared to October’s ₦1.336 trillion. Of this, ₦77.521 billion went to the cost of collection, and ₦1.294 trillion was directed toward Transfers, Intervention, and Refunds.

The improved revenue performance underscores the government’s ongoing efforts to enhance revenue collection and distribution for the benefit of all tiers of governance in Nigeria.