The Federal, State, and Local Governments collectively shared N1.424 trillion from December 2024 Federation Accounts Revenue. The allocation occurred at the January 2025 Federation Account Allocation Committee (FAAC) meeting in Abuja.
A statement issued on Friday by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of the Federation, detailed the breakdown. The distributable revenue included N386.124 billion in statutory revenue, N604.872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from Exchange Difference revenue.
According to the FAAC communiqué, total gross revenue for December 2024 was N2.310 trillion. Deductions for collection costs totaled N84.780 billion, while transfers, interventions, and refunds accounted for N801.175 billion. Gross statutory revenue for the month stood at N1.226 trillion, a significant drop of N600.988 billion compared to November 2024’s N1.827 trillion.
The communiqué also highlighted a rise in gross VAT revenue, which increased to N649.561 billion in December 2024, up by N20.588 billion from November’s N628.973 billion.
From the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion, State Governments received N498.498 billion, and Local Government Councils got N361.754 billion. Additionally, N113.477 billion (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
The breakdown of the N386.124 billion statutory revenue showed the Federal Government received N167.690 billion, States received N85.055 billion, Local Government Councils got N65.574 billion, and N67.806 billion went to benefiting States as 13% derivation.
For the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, States got N302.436 billion, and Local Governments received N211.705 billion.
From the N31.211 billion EMTL, the Federal Government received N4.682 billion, States got N15.605 billion, and Local Governments received N10.924 billion.
Regarding the N402.714 billion Exchange Difference revenue, the Federal Government received N188.090 billion, States got N95.402 billion, Local Governments received N73.551 billion, and N45.671 billion (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
The communiqué noted increases in VAT and EMTL for December 2024, but significant decreases were observed in Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT).
Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500