National Telescope national telescope newspaper
The Federal Government, states, and local government areas (LGAs) have shared a total of N1.424 trillion, representing the Federation Account Revenue for December 2024. This distribution was concluded at the Federation Account Allocation Committee (FAAC) meeting held in Abuja in January 2025.
A statement signed by Bawa Mokwa, Director of Press and Public Relations at FAAC, revealed that the total distributable revenue was made up of various components: N386.124 billion from statutory revenue, N604.872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from exchange difference revenue.
According to the FAAC communiqué, the total gross revenue for December 2024 was N2.310 trillion. However, deductions included N84.780 billion for collection costs and N801.175 billion for transfers, interventions, and refunds. The gross statutory revenue for December 2024 stood at N1.226 trillion, marking a decline of N600.988 billion from November 2024’s N1.827 trillion.
Conversely, VAT collections saw an increase, with December 2024’s gross revenue reaching N649.561 billion, surpassing November’s figure of N628.973 billion by N20.588 billion.
The breakdown of the N1.424 trillion distributable revenue is as follows: The Federal Government received N451.193 billion, State Governments were allocated N498.498 billion, and Local Government Councils received N361.754 billion. Additionally, oil-producing states shared an additional N113.477 billion, representing 13 percent derivation revenue.
From the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, State Governments received N85.055 billion, and Local Government Councils were allocated N65.574 billion. The oil-producing states were also allocated N67.806 billion as derivation revenue. Regarding VAT, the Federal Government received N90.731 billion, State Governments received N302.436 billion, and Local Government Councils were given N211.705 billion.
For the Electronic Money Transfer Levy (EMTL), the Federal Government received N4.682 billion, States were allocated N15.605 billion, and Local Governments received N10.924 billion. The N402.714 billion exchange difference revenue was shared as follows: the Federal Government received N188.090 billion, State Governments were given N95.402 billion, and Local Government Councils received N73.551 billion, while oil-producing states received N45.671 billion as derivation revenue.
Despite the significant increase in VAT and EMTL collections, the communiqué noted considerable declines in revenues from Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT).
The FAAC reassured that it remains committed to ensuring equitable and transparent revenue sharing to support sustainable economic growth and development across all levels of government.
