FAAC
FAAC Shares N1.424trn to FG, States, LGs As December 2024 revenue
The Federal Account Allocation Commission, FAAC, has distributed a total of N1.424 trillion for the December 2024 among the Federal, State, and Local Governments.
A statement by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation, on Friday said the revenue was distributed at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.424 trillion total distributable revenue comprises N386.124 billion in distributable statutory revenue, N604.872 billion in distributable Value Added Tax (VAT) revenue, N31.211 billion in Electronic Money Transfer Levy (EMTL) revenue, and N402.714 billion in Exchange Difference revenue.
The communiqué stated that the Federal Government received N451.193 billion, while the State Governments received N498.498 billion from the N1.424 trillion total distributable revenue.
Local Government Councils received N361.754 billion, and a total of N113.477 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
From the N386.124 billion distributable statutory revenue, the communiqué noted that the Federal Government received N167.690 billion, and the State Governments received N85.055 billion.
Local Government Councils received N65.574 billion, and N67.806 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
From the N604.872 billion distributable VAT revenue, the Federal Government received N90.731 billion, the State Governments received N302.436 billion, and the Local Government Councils received N211.705 billion.
A total of N4.682 billion was received by the Federal Government from the N31.211 billion Electronic Money Transfer Levy (EMTL). The State Governments received N15.605 billion, and the Local Government Councils received N10.924 billion.
From the N402.714 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N188.090 billion, the State Governments received N95.402 billion, and the Local Government Councils received N73.551 billion. The sum of N45.671 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
In December 2024, VAT and EMTL revenues increased significantly, while Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) decreased considerably.