A total of N1.424 trillion in revenue generated in December 2024 has been distributed among the Federal Government, state governments, and Local Government Areas (LGAs), according to the Office of the Accountant General of the Federation (OAGF).
The announcement was made by Bawa Mokwa, Director of Press and Public Relations at the OAGF, following the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Friday.
A communiqué released after the meeting detailed the revenue breakdown: statutory revenue amounted to N386.124 billion, Value Added Tax (VAT) contributed N604.872 billion, Electronic Money Transfer Levy (EMTL) provided N31.211 billion, and N402.714 billion came from Exchange Difference revenue.
The gross revenue available for December 2024 totaled N2.310 trillion. However, deductions for the cost of collection stood at N84.780 billion, while transfers, interventions, and refunds accounted for N801.175 billion.
“Gross statutory revenue for December 2024 was N1.226 trillion, which is a decline of N600.988 billion compared to the N1.827 trillion received in November 2024. Meanwhile, gross VAT revenue increased to N649.561 billion in December from N628.973 billion in November, reflecting a N20.588 billion rise,” the communiqué stated.
From the total distributable revenue of N1.424 trillion, the Federal Government received N451.193 billion, state governments were allocated N498.498 billion, and LGAs received N361.754 billion. Additionally, N113.477 billion, representing 13% of mineral revenue, was distributed to states benefiting from derivation revenue.
Breaking down the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, state governments got N85.055 billion, and LGAs received N65.574 billion, while N67.806 billion was shared to derivation-revenue states.
Regarding the N604.872 billion from VAT, N90.731 billion went to the Federal Government, N302.436 billion to state governments, and N211.705 billion to LGAs.
From the EMTL revenue of N31.211 billion, the Federal Government received N4.682 billion, state governments were allocated N15.605 billion, and LGAs received N10.924 billion.
For the N402.714 billion Exchange Difference revenue, the Federal Government took N188.090 billion, state governments received N95.402 billion, and LGAs got N73.551 billion. An additional N45.671 billion (13% of mineral revenue) was distributed to derivation-revenue states.
The communiqué highlighted significant increases in VAT and EMTL revenues in December 2024, while revenues from oil and gas royalties, CET levies, excise duties, import duties, petroleum profit tax, and corporate income tax saw notable declines.
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