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

The Federal Government, States, and Local Government Councils have received a total of N1,149.816 trillion from the Federation Account Allocation Committee (FAAC) for January 2024 Federation Account Revenue.

The revenue was distributed at the Federation Accounts Allocation Committee (FAAC) meeting in February 2024, which was presided over by Wale Edun, the Coordinating Minister for the Economy and Minister of Finance.

The FAAC released a statement stating that the N1.149 trillion total distributable revenue was made up of N463.079 billion in distributable statutory revenue, N391.787 billion in distributable Value Added Tax (VAT) revenue, N15.922 billion in distributable Electronic Money Transfer Levy (EMTL) revenue, and N279.028 billion in distributable Exchange Difference revenue.

In January 2024, a total revenue of N2.068 trillion was available. N78.412 billion was deducted from the total cost of collection; N639.926 billion was deducted from all transfers, interventions, and refunds; and N200.000 billion was saved.

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.

According to the announcement, the Federal Government received N407.267 billion, State Governments received N379.407 billion, and Local Government Councils received N278.041 billion of the N1.148 trillion total distributable revenue.

The benefiting States received N85.101 billion in total as derivation revenue, or 13% of the mineral 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.