FG, States, LGAs Share ₦1.424tn FAAC Revenue In December 2024
The revenue was distributed at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja, with the Federal Government receiving ₦586.982 billion, the States getting ₦468.563 billion, and the Local Government Councils receiving ₦368.449 billion.
The distributable revenue for the month included ₦386.124 billion from statutory revenue, ₦604.872 billion from Value Added Tax (VAT), ₦31.211 billion from the Electronic Money Transfer Levy (EMTL), and ₦402.714 billion from exchange rate differences.
According to a statement released by the FAAC, the total gross revenue available in December 2024 was ₦2.310 trillion. However, ₦84.780 billion was deducted for collection costs, while ₦801.175 billion was transferred to various accounts, including interventions, refunds, and savings.
The gross statutory revenue for December 2024 was ₦1.226 trillion, which is a significant decrease of ₦600.988 billion compared to the ₦1.827 trillion received in November 2024.
On the other hand, the gross VAT revenue for December 2024 was ₦649.561 billion, an increase of ₦20.588 billion compared to the previous month.
The FAAC also reported that the gross EMTL revenue for December 2024 was ₦31.211 billion, while the exchange rate gain revenue was ₦402.714 billion.
The distribution of the revenue is as follows:
- Federal Government: ₦586.982 billion
- States: ₦468.563 billion
- Local Government Councils: ₦368.449 billion
The FAAC meeting was attended by the Minister of Finance, Budget and National Planning, the Accountant General of the Federation, and representatives of the States and Local Government Councils.
The revenue sharing is expected to help the Federal Government, States, and Local Government Councils to fund their various projects and programs, and to provide essential services to the citizens.
https://ntm.ng/2025/01/17/fg-states-lgas-share-%E2%82%A61-424tr-faac-revenue-in-december-2024/