A total of N1.424 trillion, representing the December 2024 Federation Account revenue, has been shared between the federal, state and local governments.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, stated in a statement on Friday that the proceeds were distributed at the January 2025 Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
The total distributable revenue of N1.424 trillion comprises N386.124 billion in distributable statutory revenue, N604.872 billion in distributable Value Added Tax (VAT) revenue, N31.211 billion in Electronic Transfer Tax revenue Money (EMTL) and 402,714 naira. billion in income from exchange differences.
A statement issued by the Federation Accounts Allocation Committee (FAAC) indicated that the total gross revenue for December 2024 was N2.31 trillion. Total deductions for collection cost amounted to N84.780 billion, while total transfers, interventions and refunds amounted to N801.175 billion.
According to the statement, the gross statutory revenue for December 2024 was N1.226 trillion, 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, up from N628.973 billion in November 2024 at N20.588 billion.
The statement stated that of the total distributable revenue of N1.424 trillion, the federal government received N451.193 billion, while state governments received N498.498 billion.
Local government councils received N361.754 million, and a total of N113.477 million (13% of mineral revenue) was shared with beneficiary states as derived revenue.
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Of the distributable statutory revenue of N386.124 billion, the statement noted that the federal government received N167.690 billion and state governments received N85.055 billion.
Local government councils received N65.574 billion, and N67.806 billion (13% of mineral revenue) was shared with beneficiary states as derived revenue.
Of the VAT distributable revenue of N604.872 billion, the federal government received N90.731 billion, state governments received N302.436 billion and local government councils received N211.705 billion.
The Federal Government received a total of N4.682 billion from the Electronic Money Transfer Tax (EMTL) of N31.211 billion. State governments received N15.605 billion and local government councils received N10.924 billion.
Of the exchange difference income of N402.714 billion, the statement indicated that the federal government received N188.090 billion, state governments received N95.402 billion and local government councils received N73.551 billion. The sum of N45.671 million (13% of mineral revenue) was shared with beneficiary States as derivation revenue.
In December 2024, VAT and EMTL revenues increased significantly, while oil and gas royalties, AEC taxes, excise duties, import duties, petroleum profits tax (PPT) and oil tax Company income (CIT) decreased considerably.