A total of N1.424 trillion, representing the December 2024 Federation Account Revenue, has been shared among the Federal, State, and Local Governments.
Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation, stated in a release on Friday that the revenue was distributed at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.424 trillion total distributable revenue comprises N386.124 billion in distributable statutory revenue, N604.872 billion in distributable Value Added Tax (VAT) revenue, N31.211 billion in Electronic Money Transfer Levy (EMTL) revenue, and N402.714 billion in Exchange Difference revenue.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue for December 2024 was N2.310 trillion. Total deductions for the cost of collection amounted to N84.780 billion, while total transfers, interventions, and refunds stood at N801.175 billion.
According to the communiqué, gross statutory revenue for December 2024 was N1.226 trillion, which was lower than the N1.827 trillion received in November 2024 by N600.988 billion.
Gross VAT revenue of N649.561 billion was available in December 2024, higher than the N628.973 billion in November 2024 by N20.588 billion.
The communiqué stated that, from the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion, while the State Governments received N498.498 billion.
Local Government Councils received N361.754 billion, and a total of N113.477 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
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From the N386.124 billion distributable statutory revenue, the communiqué noted that the Federal Government received N167.690 billion, and the State Governments received N85.055 billion.
Local Government Councils received N65.574 billion, and N67.806 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
From the N604.872 billion distributable VAT revenue, the Federal Government received N90.731 billion, the State Governments received N302.436 billion, and the Local Government Councils received N211.705 billion.
A total of N4.682 billion was received by the Federal Government from the N31.211 billion Electronic Money Transfer Levy (EMTL). The State Governments received N15.605 billion, and the Local Government Councils received N10.924 billion.
From the N402.714 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N188.090 billion, the State Governments received N95.402 billion, and the Local Government Councils received N73.551 billion. The sum of N45.671 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
In December 2024, VAT and EMTL revenues increased significantly, while Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) decreased considerably.