FG, State and Local Governments are smiling to the bank for N1.424trn FAAC January Disbursement.
NewsOnline Nigeria reports that a total sum of N N1.424trn, being December 2024 federation account revenue, has been shared with Nigeria’s federal, state and local governments.
The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.424trn 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.
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A communiqué issued by the 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 N84.780bn while total transfers, interventions and refunds was N801.175bn.
According to a statement from accountant-general’s office showed that gross statutory revenue of N1.226trn was received for the month of December 2024. This was lower than the sum of N1.827trn received in the month of November 2024 by N600.988bn.
Gross revenue of N649.561bn was available from the VAT in December 2024. This was higher than the N628.973bn available in the month of November 2024 by N20.588bn.
From the N1.424trn distributable revenue, the FG received N451.193bn, while states got N498.498bn. All the LGAs got N361.754bn while the sum of N113.477bn was shared to benefiting states as 13 percent for mineral resources.
On the N386.124bn distributable statutory revenue, the central government received N167.690bn; states: N85.055bn; local governments received N65.574bn, with N67.806 billion (13 percent of mineral revenue) given to particular states as derivation revenue.
From the N604.872bn distributable VAT revenue, the federal government received N90.731bn, state governments received N302.436bn and the LGAs received N211.705bn.
The sum of N4.682bn was received by FG from the N31.211bn revenue from ectronic money transfer levy for the month. The state governments received N15.605bn while the LGAs received N10.924bn.
From the N402.714bn exchange difference revenue, federal government received N188.090bn; states: N95.402bn; local government areas, N73.551bn; while the sum of N45.671bn was given to the benefiting states as value of 13 percent mineral revenue).
