The Federation Account Allocation Committee (FAAC) disbursed a total of N1,149.816 trillion which came in as revenue in January 2024 to the federal government, states, and local government areas.
The allocation, shared during the February 2024 FAAC meeting chaired by the minister of finance and coordinating minister for the economy, Wale Edun, comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, electronic money transfer levy revenue of N15.922 billion, and exchange difference revenue of N279.028 billion.
Total revenue for January 2024 stood at N2.1 trillion. Deductions, including the cost of collection at N78.412 billion, transfers, interventions, and refunds totalling N639.926 billion, and savings of N200.000 billion, were made, according to a statement that was issued by the director of press in the Office of the Accountant General of the Federation, Bawa Mokwa.
Gross statutory revenue received for January 2024 was N1,151.808 billion, an increase of N276.426 billion from December 2023’s N875.382 billion.
VAT revenue for January 2024 was N420.733 billion, a decrease of N71.773 billion compared to December 2023’s N492.506 billion.
From the total distributable revenue, the federal government received N407.267 billion, state governments received N379.407 billion, and local government governments received N278.041 billion. A sum of N85.101 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue.
From the distributable statutory revenue of N463.079 billion, the federal government received N216.757 billion, state governments received N109.942 billion, and LGAs received N84.761 billion. An additional N51.619 billion (13 percent of mineral revenue) was distributed appropriately.
For the distributable VAT revenue of N391.787 billion, the federal government received N58.768 billion, states: N195.894 billion, and LGAs: N137.125 billion.
The Electronic Money Transfer Levy (EMTL) of N15.922 billion was allocated with the Federal Government receiving N2.388 billion, State Governments receiving N7.961 billion, and Local Government Councils receiving N5.573 billion.
From the Exchange Difference revenue of N279.028 billion, the federal government received N129.354 billion, state governments received N65.610 billion, and LGAs received N50.582 billion. A sum of N33.482 billion (13 percent of mineral revenue) was shared among benefiting States as derivation revenue.
Significant increases were recorded in company income tax, import duty, petroleum profit Tax (PPT), and oil and gas royalties in January 2024, while decreases were observed in VAT, export duty, electronic money transfer levy, and company levies.
The balance in the Excess Crude Account (ECA) remains at $473,754.57
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