The Federal Government, States and Local Government Councils have shared the total sum of ₦1.424trillion from FAAC, being December 2024 Federation Accounts Revenue.
The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
This was disclosed by the Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, in a statement on Friday.
The ₦1.424 trillion total distributable revenue comprised distributable statutory revenue of ₦386.124 billion, distributable Value Added Tax (VAT) revenue of ₦604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦31.211 billion and Exchange Difference revenue of ₦402.714 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) revealed that total gross revenue of ₦2.310 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.
It further showed that gross statutory revenue of ₦1.226 trillion was received for the month of December 2024. This was lower than the sum of ₦1.827 trillion received in the month of November 2024 by ₦600.988 billion.
Gross revenue of ₦649.561 billion was available from the Value Added Tax (VAT) in December 2024. This was higher than the N628.973 billion available in the month of November 2024 by N20.588 billion.