The Federation Account Allocation Committee (FAAC) shared a total of ₦1.424 trillion among the three tiers of government for December 2024. This was disclosed in a communiqué issued after the committee’s meeting chaired by Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy.
The allocation was drawn from a gross total revenue of ₦2.310 trillion, which included statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED). From the distributable amount, the Federal Government received ₦451.193 billion, the States ₦498.498 billion, Local Government Councils (LGCs) ₦361.754 billion, and oil-producing states ₦113.477 billion as 13% derivation.
Gross revenue from VAT increased by ₦20.588 billion compared to November, reaching ₦649.561 billion in December. After deducting ₦25.982 billion for collection costs and ₦18.707 billion for transfers and refunds, the remaining ₦604.872 billion was distributed as follows:
The gross statutory revenue for December stood at ₦1.226 trillion, down by ₦6.988 billion from the previous month. After deductions for collection costs (₦57.498 billion) and transfers/refunds (₦782.468 billion), ₦386.124 billion was distributed:
A total of ₦31.211 billion was generated from EMTL, distributed as follows:
Exchange Difference revenues amounted to ₦402.714 billion, allocated as follows:
While VAT and EMTL revenue saw significant increases, revenues from oil and gas royalties, CET levies, excise duties, import duties, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) decreased.
The total distributable revenue for December 2024 comprised ₦386.124 billion in statutory revenue, ₦604.872 billion in VAT, ₦31.211 billion in EMTL, and ₦402.714 billion in Exchange Difference, summing up to ₦1.424 trillion.
The FAAC’s communiqué highlighted the continued fluctuations in revenue sources and their impact on government allocations at all levels.
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