The Federation Account Allocation Committee (FAAC) yesterday disbursed a total sum of N1.424 trillion to the three tiers of government and other relevant stakeholders from gross revenue of N2.310 trillion Federation Account Revenue for December 2024. The sharing was finalized at the January 2025 FAAC) meeting in Abuja, which was chaired by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun.
According to separate statements issued by the Ministry of Finance and the Office of the Accountant General of the Federation (OAGF), the disbursed amount of N1.424 trillion comprised of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED). The federal government received N451.193 billion, states got N498.498 billion, while the local governments got N361.754 billion.
Citing the communiqué issued at the end of the meeting, gross statutory revenue of N1.226 trillion was received for December 2024. This was lower than the N1.827 trillion received in November 2024 by N600.988 billion. Gross revenue of N649.561 billion was available from the Value Added Tax (VAT) in December 2024. This was higher than the N628.973 billion available in November 2024 by N20.588 billion.
The communiqué stated that from the N1.424 trillion total distributable revenue, the Federal Government received a total sum of N451.193 billion and the State Government received a total sum of N498.498 billion.
The local government councils received a total sum of N361.754 billion and a total sum of N113.477 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N386.124 billion distributable statutory revenue, the communiqué stated that the Federal Government received N167.690 billion and the state governments received N85.055 billion.
Local governments received N65.574 billion and the sum of N67.806 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. From the N604.872 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N90.731 billion, the State Governments received N302.436 billion and the Local Government Councils received N211.705 billion.
