Business

FAAC Shares N1.149trn January Revenue To FG, States, LGs

The Federation Account Allocation Committee (FAAC) disbursed N1.149816 trillion as January 2024 Federation Account Revenue among the Federal Government, States, and Local Government Councils. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, announced this following the February 2024 FAAC meeting chaired by Wale Edun, the Minister of Finance and Coordinating Minister for the Economy.

The total distributable revenue included N463.079 billion from statutory sources, N391.787 billion from Value Added Tax (VAT), N15.922 billion from Electronic Money Transfer Levy (EMTL), and N279.028 billion from Exchange Difference revenue.

FAAC revealed a total available revenue of N2.068154 trillion for January 2024. Deductions for various costs, transfers, interventions, and refunds amounted to N78.412 billion, leaving N639.926 billion for distribution and N200 billion in savings. Gross statutory revenue for January 2024 stood at N1.151808 trillion, an increase of N276.426 billion from December 2023. VAT revenue in January 2024 totaled N420.733 billion, a decrease of N71.773 billion compared to December 2023.

From the total distributable revenue, the Federal Government received N407.267 billion, State Governments received N379.407 billion, and Local Government Councils received N278.041 billion. Additionally, N85.101 billion, representing 13% of mineral revenue, was shared with benefiting States as derivation revenue. It’s worth noting that in January, FAAC disbursed N1.1 trillion, which was lower than the amount distributed in December 2023.

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