FG, States, LGs shared N1.149trn in Janaury, says FAAC
Kunle Sanni
The Federation Allocation Committee (FAAC) shared a total sum of N1.149 trillion among the Federal Government, States, and Local Government Councils in January 2024 as revenue of the Federation increased to N2.068 trillion, a communique issued at the end of the FAAC meeting held in Abuja revealed
According to the communique issued by Bawa Mokwa, a spokesperson at the Office of the Accountant-General of the Federation (OAGF), the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, chaired the meeting.
The federal government also revealed that the balance in the Excess Crude Oil Account (ECA) was $473,754.57
The Value Added Tax (VAT) income of N391.787 billion, the Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion, the Exchange Difference revenue of N279.028 billion, and the Statutory revenue of N463.079 billion made up the N1.149 trillion total distributable revenue.
About N78.412 billion was deducted overall for collecting costs, N639.926 billion for transfers, interventions, and refunds, and N200.000 billion for savings.
For the month of January 2024, gross statutory income of N1,151.808 billion was received. This was more than the N 276.426 billion that was received in December 2023—a total of N875.382 billion.
For the month of January 2024, gross statutory income of N1,151.808 billion was received. This was greater by N 276.426 billion than the total of N875.382 billion that was received in December 2023.
In January, the Value Added Tax (VAT) generated a gross revenue of N420.733 billion.
This was N71.773 billion less than the N492.506 billion that was available in December 2023.
According to the announcement, the Federal Government received N407.267 billion, State Governments received N379.407 billion, and Local Government Councils received N278.041 billion of the N1.149 trillion total distributable revenue.
A total sum of N85.101 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the State Governments received N109.942 billion and the Local Government Councils received N84.761 billion.
The sum of N51.619 billion (13per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
The Federal Government received N58.768 billion, State Governments received N195.894 billion and the Local Government Councils received N137.125 billion from the N391.787 billion distributable Value Added Tax (VAT) revenue.
The N15.922 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.388 billion, the State Governments received N7.961 billion and the Local Government Councils received N5.573 billion.
The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue.
The State Governments received N65.610 billion, and the Local Government Councils received N50.582 billion.
The sum of N33.482 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
