The Federation Account Allocation Committee (FAAC) disbursed a total of N1,149.816 trillion in January 2024 as revenue from the Federation Account.
The N1,149.816 trillion was shared among the Federal Government, State Governments, and Local Government Councils.
The distribution occurred during the February 2024 meeting of the FAAC, which was chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to the communique issued by FAAC, the total distributable revenue of N1,149.816 billion consisted of the following components:
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- Distributable Statutory Revenue: N463.079 billion.
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Distributable Value Added Tax (VAT) Revenue: N391.787 billion.
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Electronic Money Transfer Levy (EMTL) Revenue: N15.922 billion.
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Exchange Difference Revenue: N279.028 billion.
The overall revenue available for distribution in January 2024 was N2,068.154 billion.
The above amount accounted for various factors, including total deductions for cost of collection (N78.412 billion), transfers, interventions, and refunds (N639.926 billion), and savings (N200.000 billion).
Also, the gross statutory revenue for January 2024 amounted to N1,151.808 billion, surpassing the N875.382 billion received in December 2023 by N276.426 billion.
However, the Value Added Tax (VAT) revenue for January 2024 was N420.733 billion, which was lower than the N492.506 billion recorded in December 2023 by N71.773 billion.
The distribution breakdown among the three tiers of government was as follows:
- Federal Government: N407.267 billion
- State Governments: N379.407 billion
- Local Government Councils: N278.041 billion
Furthermore, N85.101 billion (equivalent to 13 per cent of mineral revenue) was allocated to the benefiting States as derivation revenue.
From the distributable statutory revenue of N463.079 billion, the Federal Government received N216.757 billion, the State Governments received N109.942 billion, and the Local Government Councils received N84.761 billion.
