FG, States, and Local Governments Share N1.424 Trillion from December 2024 Federation Accounts
In a significant development, the Federal Government, State Governments, and Local Government Councils shared a total of N1.424 trillion in the Federation Accounts Revenue for December 2024, during the Federation Account Allocation Committee (FAAC) meeting held in Abuja in January 2025.
The breakdown of the N1.424 trillion distributable revenue includes several key sources. Distributable statutory revenue amounted to N386.124 billion, while the Value Added Tax (VAT) revenue stood at N604.872 billion. The Electronic Money Transfer Levy (EMTL) generated N31.211 billion, and Exchange Difference revenue contributed N402.714 billion.
The communiqué, issued by the FAAC, revealed that the total gross revenue available for December 2024 was N2.310 trillion. After deductions for cost of collection (N84.780 billion) and total transfers, interventions, and refunds (N801.175 billion), the distributable revenue was determined.
Statutory revenue for the month of December was N1.226 trillion, showing a significant drop from November 2024’s N1.827 trillion, with a decrease of N600.988 billion. VAT revenue, however, saw an increase, with N649.561 billion available compared to N628.973 billion in November 2024.
The revenue sharing among the three levels of government was as follows: The Federal Government received N451.193 billion, while the State Governments were allocated N498.498 billion, and the Local Government Councils got N361.754 billion. Additionally, a sum of N113.477 billion was shared as derivation revenue to the benefiting States, based on 13% of mineral revenue.
The breakdown of the statutory revenue distribution showed the Federal Government receiving N167.690 billion, the States N85.055 billion, and Local Governments N65.574 billion. For VAT revenue, the Federal Government received N90.731 billion, while the States and Local Governments got N302.436 billion and N211.705 billion, respectively.
From the Electronic Money Transfer Levy (EMTL) revenue, the Federal Government took N4.682 billion, with the States receiving N15.605 billion and Local Governments getting N10.924 billion. The Federal Government’s share of the Exchange Difference revenue was N188.090 billion, while the States and Local Governments were allocated N95.402 billion and N73.551 billion, respectively.
The distribution also revealed changes in revenue sources, with VAT and EMTL revenues showing a significant increase, while key contributions like Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw considerable declines.
