Abuja, Nigeria – The Federal Government, States, and Local Government Councils distributed a total revenue of N1.424 trillion for December 2024, marking a 17.54% decline compared to the N1.727 trillion shared in November 2024. This represents a reduction of N303 billion.
The allocation was finalized during the Federation Account Allocation Committee (FAAC)meeting held on Friday, January 17, 2025, in Abuja. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), disclosed this in a press statement.
Revenue Breakdown
According to the FAAC communiqué, the total distributable revenue for December 2024 consisted of:
- Statutory Revenue: N386.124 billion
- Value Added Tax (VAT): N604.872 billion
- Electronic Money Transfer Levy (EMTL): N31.211 billion
- Exchange Difference Revenue: N402.714 billion
The gross revenue for December 2024 was N2.310 trillion. Deductions of N84.780 billion were made for the cost of revenue collection, while N801.175 billion was set aside for transfers, interventions, and refunds.
Decline in Statutory Revenue, Increase in VAT
Statutory revenue declined significantly, falling to N1.226 trillion in December 2024, a decrease of N600.988 billion from the N1.827 trillion recorded in November 2024.
Conversely, VAT revenue saw an increase, climbing to N649.561 billion in December 2024, which was N20.588 billion higher than the N628.973 billion recorded in the previous month.
Distribution of N1.424 Trillion Revenue
The Federal Government received N451.193 billion from the total distributable revenue, while the States and Local Government Councils were allocated N498.498 billion and N361.754 billion, respectively. Additionally, N113.477 billion was distributed as 13% derivation revenue to mineral-producing states.
Statutory Revenue Distribution
From the N386.124 billion statutory revenue:
- Federal Government: N167.690 billion
- States: N85.055 billion
- Local Government Councils: N65.574 billion
- Derivation revenue for benefiting states: N67.806 billion
VAT Revenue Distribution
Out of the N604.872 billion generated from VAT:
- Federal Government: N90.731 billion
- States: N302.436 billion
- Local Government Councils: N211.705 billion
EMTL Revenue Distribution
The EMTL, which amounted to N31.211 billion, was distributed as follows:
- Federal Government: N4.682 billion
- States: N15.605 billion
- Local Government Councils: N10.924 billion
Exchange Difference Revenue Distribution
The N402.714 billion Exchange Difference revenue was shared as follows:
- Federal Government: N188.090 billion
- States: N95.402 billion
- Local Government Councils: N73.551 billion
- 13% derivation revenue for benefiting states: N45.671 billion
Revenue Trends
The communiqué highlighted significant increases in VAT and EMTL revenues during the period. However, revenues from Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) saw notable declines in December 2024.
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