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FAAC Allocates N1.149 Trillion for January: FG Receives N407.267 Billion, States Get N379.407 Billion
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In January 2024, the Federal Government obtained N407.267 billion, while the 36 state governments and the 774 local governments collectively received N379.407 billion and N278.041 billion, respectively, through the Federation Account Allocation Committee (FAAC), which disbursed a total of N1.149 trillion.
The revenue was shared at the February meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communique issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion
It also comprised 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.
According to the communique, the total deductions for cost of collection is N78.412 billion, total transfers, interventions and refunds is N639.926 billion and savings is N200.000 billion.
It said that from the N391.787 VAT revenue, the Federal Government received N58.768 billion, the state governments received N195.894 billion and the LGCs received N137.125 billion.
“The N15.922 billion EMTL has been shared as follows:
“The Federal Government received N2.388 billion, the state governments received N7.961 billion and the LGCs received N5.573 billion.
“The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue, the state governments received N65.610 billion, and the LGCs received N50.582 billion.
“The sum of N33.482 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
According to the communique, in the month of January, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL and CET Levies decreased considerably.
It said that the balance in the Excess Crude Account was 473.754 million dollars.
