A total sum of N 1.424 trillion, being December 2024 Federation Account Revenue, has been shared to the Federal Government, States, and the Local Government Councils.
The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.424 trillion total distributable revenue comprised distributable statutory revenue of N386.124 billion, distributable Value Added Tax (VAT) revenue of N604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion, and Exchange Difference revenue of N402.714 billion.
A communique issued by the FAAC on Friday, January 17, 2025, disclosed that total gross revenue of N2.310 trillion was available in December 2024.
“Total deduction for cost of collection was N84.780 billion while total transfers, interventions, and refunds was N801.175 billion,” the FAAC stated.
The FAAC said gross statutory revenue of N1.226 trillion was received in December 2024, noting that this was lower than the sum of N1.827 trillion received in November by N600.988 billion.
It stated that gross revenue of N649.561 billion was available from the
VAT in December, saying this was higher than the N628.973 billion available in November by N20.588 billion.
The committee noted that from the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion and the State Governments received N498.498 billion.
FG, States, LGs share N1.727trn November revenue
“The Local Government Councils received total sum of N361.754 billion and a total sum of N113.477 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue,” the FAAC added.
On the N386.124 billion distributable statutory revenue, the FAAC stated that the Federal Government received N167.690 billion and the State Governments received N85.055 billion.
It said the Local Government Councils received N65.574 billion, adding that N67.806 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The committee disclosed that 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.
The FAAC said: “A total sum 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 Federal Government received N188.090 billion and the State Governments received N95.402 billion.
“The Local Government Councils received N73.551 billion, while the sum of N45.671 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“In December 2024, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) increased significantly while Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased considerably.”
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