The Federation Account Allocation Committee (FAAC) reported today that a total sum of N 1.424 trillion was shared to the federal, state and local governments in December 2024 from the revenue generated by the various revenue agencies into the Federation Account in the month.
The committee gave these figures in the communiqué issued at the end of its January 2025 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 communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.310 trillion was available in the month of December 2024. Total deduction for cost of collection was N84.780 billion while total transfers, interventions and refunds was N801.175 billion.
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According to the figures in the communiqué, gross statutory revenue of N1.226 trillion was collected in the month under review for the month, reflecting N600.988 billion shortfall from the N1.827 trillion raked in by the government in the preceding month.
The figures also showed that gross revenue of N649.561 billion was collected as the Value Added Tax (VAT), representing N20.588 billion higher than the N628.973 billion that accrued to the federation account from the revenue source in the preceding month.
The communiqué reflected that from the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion, the state governments received N498.498 billion while Local Government Councils got N361.754 billion and N113.477 billion (13% of mineral revenue) was distributed to the benefiting states.
Of the N386.124 billion distributable statutory revenue, the communiqué stated that the Federal Government received N167.690 billion, the state governments got N85.055 billion, the local governments got N65.574 billion and N67.806 billion (13% of mineral revenue) was distributed to the benefiting states as derivation entitlement.
From the N604.872 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N90.731 billion, the states received N302.436 billion compared to the local governments’ N211.705 billion in the month under review.
In December 2024, a total sum of N4.682 billion was received by the Federal Government from the N31.211 billion Electronic Money Transfer Levy (EMTL) compared to the state governments and local governments’ shares of N15.605 billion and N10.924 billion respectively.
From the N402.714 billion Exchange Difference revenue, the communiqué indicated that N188.090 billion was distributed to the Federal Government and the state governments got N95.402 billion just as the local governments received N73.551 billion, and N45.671 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
In the month under review, the committee disclosed that 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) considerably decreased.
