The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,149.816 trillion for January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils
The revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communique issued by FAAC, the N1.149trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.
The total revenue of N2.068 trillion was available in the month of January 2024. Total deductions for the cost of collection were N78.412 billion, total transfers, interventions, and refunds were N639.926 billion, and savings was N200.000 billion.
Gross statutory revenue of N1.151 trillion was received for the month of January 2024. This was higher than the sum of N875.382 billion received in the month of December 2023 by N 276.426 billion.
The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.
The communique stated that from the N1.148 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments received N379.407 billion and the Local Government Councils received N278.041 billion.
A total sum of N85.101 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the State Governments received N109.942 billion, and the Local Government Councils received N84.761 billion. The sum of N51.619 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.