Powerful Boost For Governance: FG, States, And LGs Share Trillion December Revenue

Powerful Boost For Governance: FG, States, And LGs Share Trillion December Revenue

A total of N1.424 trillion, representing the Federation Account Revenue for December 2024, has been distributed to the Federal Government, states, and Local Government Councils (LGCs), according to a statement from the Office of the Accountant…Powerful Boost For Governance: FG, States, And LGs Share Trillion December Revenue

General of the Federation.

The distribution took place during the January Federation Account Allocation Committee (FAAC) meeting held on Friday in Abuja.

The breakdown of the N1.424 trillion includes statutory revenue of N386.124 billion, 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 detailed report from the FAAC meeting noted that the total gross revenue available for distribution in December 2024 stood at N2.310 trillion. After accounting for deductions of N84.780 billion for the cost of collection and transfers, interventions, and refunds totaling N801.175 billion, the distributable revenue came to N1.424 trillion.

Revenue Breakdown:

• Statutory revenue of N386.124 billion was allocated, with the Federal Government receiving N167.690 billion, states receiving N85.055 billion, and LGCs getting N65.574 billion. Additionally, N67.806 billion (13% of mineral revenue) was distributed to states as derivation revenue.
• From the VAT revenue of N604.872 billion, the Federal Government received N90.731 billion, while states received N302.436 billion and LGCs received N211.705 billion.
• The EMTL revenue of N31.211 billion saw the Federal Government receiving N4.682 billion, while states and LGCs got N15.605 billion and N10.924 billion, respectively.
• Exchange Difference revenue of N402.714 billion was divided with the Federal Government getting N188.090 billion, states N95.402 billion, and LGCs N73.551 billion. States also received N45.671 billion from the mineral revenue derivation.

The communiqué revealed that VAT and EMTL revenue showed a significant increase in December 2024, while other revenue streams such as oil and gas royalty, excise duty, and companies’ income tax saw notable declines.

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