FG, States, LGAs Share N1.424trn FAAC Funds For December

A total sum of N1.424 trillion, being December 2024 federation account revenue has been shared to the federal government, states and the local government areas in Nigeria.

The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N1.424 trillion total distributable revenue comprised distributable statutory revenue of N386.124 billion, distributable Value Added Tax (VAT) revenue of N604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.

A communiqué issued by the FAAC indicated that total gross revenue of N2.310 trillion was available in the month of December 2024. Total deduction for cost of collection was N84.780 billion while total transfers, interventions and refunds was N801.175 billion.

According to a statement from the accountant-general’s office, gross statutory revenue of N1.226 trillion was received for the month of December 2024. This was lower than the sum of N1.827 trillion received in the month of November 2024 by N600.988 billion.

Gross revenue of N649.561 billion was available from the VAT in December 2024. This was higher than the N628.973 billion available in the month of November 2024 by N20.588 billion.

From the N1.424 trillion distributable revenue, the FG received N451.193 billion, while states got N498.498 billion. All the LGAs got N361.754 billion while the sum of N113.477 billion was shared to benefiting states as 13 per cent for mineral resources.

On the N386.124 billion distributable statutory revenue, the central government received N167.690 billion; states: N85.055 billion; local governments received N65.574 billion, with N67.806 billion (13 per cent of mineral revenue) given to particular states as derivation revenue.

From the N604.872 billion distributable VAT revenue, the federal government received N90.731 billion, state governments received N302.436bn and the LGAs received N211.705 billion.

The sum of N4.682 billion was received by FG from the N31.211 billion revenue from electronic money transfer levy for the month. The state governments received N15.605 billion while the LGAs received N10.924 billion.

From the N402.714bn exchange difference revenue, federal government received N188.090bn; states: N95.402bn; local government areas, N73.551bn; while the sum of N45.671bn was given to the benefiting states as value of 13 per cent mineral revenue).