FG, states, LGs share N1.424tn from federation account in December

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The Federation Account Allocation Committee (FAAC said the federal government, states and local government councils shared N1.424 trillion from the federation account revenue in December 2024.

FAAC said in a communiqué that the revenue was shared at the January meeting held yesterday in Abuja.

It stated that the total revenue of N1.424 trillion comprised statutory revenue of N386.124 billion, and Value Added Tax revenue of N604.872 billion.

It also comprised Electronic Money Transfer Levy revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.

According to the communiqué the total gross revenue of N2.310 trillion was available in Dec. 2024.

It said that total deduction for cost of collection was N84.780 billion while total transfers, interventions, and refunds were N801.175 billion.

Gross statutory revenue of N1.226 trillion was received for December 2024, lower than the sum of N1.827 trillion received in of November 2024 by N600.988 billion.

Gross revenue of N649.561 billion was available from VAT in December, higher than the N628.973 billion available in the penultimate month by N20.588 billion.

The communiqué also said from the N1.424 trillion total distributable revenue, the federal government received the total sum of N451.193 billion, while the state and local governments got N498.498 billion and N361.754 billion, respectively

The report also stated that N113.477 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments received N85.055 billion.

“The local government councils received N65.574 billion, and the sum of N67.806 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N604.872 billion 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,” it added.

It further said that a total sum of N4.682 billion was received by the federal government from the N31.211 billion EMTL while the states and  the area councils received N15.605 billion and N10.924 billion respectively.

From the N402.714 billion exchange difference revenue, the communiqué said the federal government received N188.090 billion, state governments, N95.402 billion and the local government councils, N73.551 billion.

In addition, it stated that N45.671 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.