January 17, (THEWILL) – The Federation Allocation Account Committee has shared a total sum of N1.424 trillion to the Federal Government, States, and Local Government Councils as December 2024 revenue.
Mohammed Manga, the Director, Information and Public Relations, Federal Ministry of Finance, in a statement said, the allocation was shared at the January 2025 meeting of the FAAC in Abuja on Friday.
A communiqué issued by FAAC and signed by a spokesperson for the Accountant General of the Federation, Bawa Mokwa, explained that the N1.4274 trillion total distributable revenue comprised distributable statutory revenue of N386.124 billion, distributable Value Added Tax revenue of N604.872 billion, Electronic Money Transfer Levy revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.
According to the communiqué, a gross statutory revenue of N1.226 trillion was received for December 2024.
This was lower than the sum of N1.827 trillion received in November 2024 by N600.988 billion.
Gross revenue of N649.561 billion was available from the Value Added Tax in December 2024.
This was higher than the N628.973 billion available in November 2024 by N20.588 billion.
From the N1.424 trillion total distributable revenue, the Federal Government received a total sum of N451.193 billion and the State Governments received a total sum of N 498.498 billion.
The Local Government Councils received a total sum of N361.754 billion and a total sum of N113.477 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N386.124 billion distributable statutory revenue, the communiqué stated that FG received N167.690 billion and the State Governments received N85.055 billion.
The LGs received N65.574 billion and the sum of N67.806 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N604.872 billion distributable Value Added Tax revenue, FG received N90.731 billion, the state governments received N302.436 billion and the LGs received N211.705 billion.
A total sum of N4.682 billion was received by the FG from the N31.211 billion Electronic Money Transfer Levy.
The state governments received N15.605 billion and the LGs received N10.924 billion.
From the N402.714 billion Exchange Difference revenue, the communiqué stated that FG received N188.090 billion and the state government received N95.402 billion.
The LGs received N73.551 billion, while the sum of N45.671 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
While Value Added Tax and Electronic Money Transfer Levy increased significantly in December 2024, Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax and Companies Income Tax decreased considerably.
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