Friday, 23 February 2024 04:46

FAAC: FG, states, LGs share N1.149trn for January 2024

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Federation Account Allocation Committee (FAAC) announced the distribution of N1.149 trillion in January 2024 revenue, marking an increase compared to December 2023.

FAAC’s spokesperson, Bawa Mokwa, disclosed in a statement on Thursday that the amount was distributed among the Federal Government, States, and Local Government Councils.

The N1.149 trillion in total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion, according to a communiqué issued by FAAC.

FAAC said that the total revenue of N2.068 trillion was available in January 2024, while the total deductions for the cost of collection were N78.412 billion, total transfers, interventions and refunds were N639.926 billion and savings were N200 billion.

“Gross statutory revenue of N1.151 trillion was received for January 2024. This was higher than N875.382 billion received in December 2023 by N 276.426 billion,” the statement reads.

“The gross revenue available from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in December 2023 by N71.773 billion.”

The communique disclosed that the federal government received the largest share (N407 billion), followed by states (N379 billion) and local governments (N278 billion) from the N1.148 trillion total distributable revenue.

Additionally, N85.101 billion (13% of mineral revenue) was also shared with the benefiting states as derivation revenue.

It added that FG also received N216.757 billion of the N463.079 billion in distributable statutory revenue, while the state governments received N109.942 billion and the local government councils received N84.761 billion.

N51.619 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

According to FAAC, FG received N58.768 billion, state governments received N195.894 billion and local government councils received N137.125 billion from the N391.787 billion distributable VAT revenue.

The agency added that the N15.922 billion EMTL was shared as follows: the Federal Government received N2.388 billion, State Governments received N7.961 billion and Local Government Councils received N5.573 billion.

From the N 279.028 billion exchange difference revenue, FG received N129.354 billion, state governments received N65.610 billion, and local government received N50.582 billion, adding that N33.482 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

“In January 2024, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while Value Added Tax (VAT), Export Duty, Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably. The balance in the ECA was $473,754.57.”


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