A total of N1.424 trillion, representing the Federation Account Revenue for December 2024, has been distributed among the Federal, States, and Local Governments.
This announcement was made in a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF).
Mokwa confirmed that the revenue was allocated during the January meeting of the Federation Account Allocation Committee (FAAC) held on Friday in Abuja.
According to the FAAC communiqué, the N1.424 trillion comprises N386.124 billion in statutory revenue, N604.872 billion in Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from Exchange Difference revenue.
The total gross revenue for December 2024 from FAAC amounted to N2.310 trillion. After deducting N84.780 billion for collection costs and N801.175 billion for transfers, interventions, and refunds, the remaining distributable revenue stood at N1.424 trillion.
The communiqué noted that gross statutory revenue for December 2024 was N1.226 trillion, which was N600.988 billion lower than the N1.827 trillion received in November 2024. However, VAT revenue for December 2024 saw a rise, with N649.561 billion available, an increase of N20.588 billion from the previous month.
From the total distributable revenue, the Federal Government received N451.193 billion, states received N498.498 billion, and the LGCs were allocated N361.754 billion.
Additionally, N113.477 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
The breakdown of the revenue allocations reveals that from the statutory revenue of N386.124 billion, the Federal Government received N167.690 billion, state governments received N85.055 billion, and the LGCs received N65.574 billion.
Derivation revenue from mineral revenue amounted to N67.806 billion, shared among the benefiting states.
In terms of VAT revenue, which totalled N604.872 billion, the Federal Government received N90.731 billion, state governments received N302.436 billion, and the LGCs received N211.705 billion.
From the N31.211 billion generated by the Electronic Money Transfer Levy (EMTL), the Federal Government received N4.682 billion, the state governments received N15.605 billion, and the LGCs were allocated N10.924 billion.
Exchange Difference revenue for the period stood at N402.714 billion, with the Federal Government receiving N188.090 billion, the state governments receiving N95.402 billion, and the LGCs receiving N73.551 billion.
Derivation revenue for the benefiting states from this revenue amounted to N45.671 billion.
The communiqué also highlighted that, while VAT and EMTL revenues increased significantly, revenues from Oil and Gas royalties, CET levies, excise duties, import duties, petroleum profit tax, and companies income tax saw considerable declines in December 2024. (NAN)
