The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.424 trillion, being the December 2024 Federation Account Revenue, among the Federal Government, states, and local government councils (LGCs).
This was disclosed in a statement by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF).
Mr. Mokwa stated that the revenue was shared at the January Federation Account Allocation Committee (FAAC) meeting held on Friday in Abuja.
Meanwhile, a communiqué from the FAAC meeting revealed that the N1.424 trillion total revenue comprised statutory revenue of N386.124 billion and Value Added Tax (VAT) revenue of N604.872 billion.
It also included Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.
The communiqué indicated that the total gross revenue of N2.310 trillion was available in December 2024.
It stated that total deductions for the cost of collection amounted to N84.780 billion, while total transfers, interventions, and refunds stood at N801.175 billion.
“Gross statutory revenue of N1.226 trillion was received for December 2024. This was lower than the N1.827 trillion received in November 2024 by N600.988 billion.
“Gross revenue of N649.561 billion was available from VAT in December 2024. This was higher than the N628.973 billion available in November 2024 by N20.588 billion,” the communiqué stated.
From the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion, while state governments received N498.498 billion.
The LGCs received N361.754 billion, and a total sum of N113.477 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue.
“From the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments received N85.055 billion.
“The LGCs received N65.574 billion, while N67.806 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue.
“From the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, the state governments received N302.436 billion, and the LGCs received N211.705 billion,” the communiqué stated.
Additionally, it revealed that the Federal Government received N4.682 billion from the N31.211 billion EMTL.
The state governments received N15.605 billion, while the LGCs received N10.924 billion.
“From the N402.714 billion Exchange Difference revenue, the Federal Government received N188.090 billion, and the state governments received N95.402 billion.
“The LGCs received N73.551 billion, while N45.671 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue,” it added.
The communiqué further highlighted that in December 2024, VAT and EMTL increased significantly, while Oil and Gas royalty, CET levies, excise duty, import duty, petroleum profit tax, and company income tax decreased considerably.
(NAN)
