The Federation Account Allocation Committee (FAAC) has shared a total sum of one trillion, one hundred and forty nine.eight one six billion naira (N1,149.816) as January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils.
The revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communique issued by FAAC, the one trillion, one hundred and forty nine. eight-one-six billion naira (N1,149.816) total distributable revenue comprised distributable statutory revenue of four hundred and sixty three point zero-seven-nine (N463.079) billion naira distributable Value Added Tax (VAT) revenue of three hundred and ninety one point seven-eight-seven (N391.787) billion naira Electronic Money Transfer Levy (EMTL) revenue of fifteen point nine-two-two (N15.922) billion naira and Exchange Difference revenue of two hundred and seventy nine point zero-two-eight (N279.028) billion naira.
Total revenue of two trillion, sixty eight point one-five+four (N2,068.154) billion naira was available in the month of January 2024. Total deductions for cost of collection was seventy eight point four-one-two (N78.412) billion naira, total transfers, interventions and refunds was six hundred and thirty nine point nine-two-six (N639.926) billion naira and savings was two hundred N200.000 billion naira.
Gross statutory revenue of one trillion, one hundred and fifty one point eight-zero-eight (N1,151.808) billion naira was received for the month of January 2024. This was higher than the sum of eight hundred and seventy five point three-eight-five (N875.382) billion naira received in the month of December 2023 by two hundred seventy six point four-two-six (N 276.426) billion naira.
The gross revenue available from the Value Added Tax (VAT) in January 2024 was four hundred ant twenty point seven-three-three (N420.733) billion naira. This was lower than the four hundred ninety two point five-zero-six (N492.506) billion naira available in the month of December 2023 by seventy one point seven-seven-one (N71.773) billion naira.
The communique stated that from the one trillion, one hundred and forty nine point eight-one-six (N1,149.816) billion naira total distributable revenue, the Federal Government received a total of four hundred and seven point two-six-seven (N407.267) billion naira, the State Governments received three hundred and seventy nine point four-zero-seven (N379.407) billion naira and the Local Government Councils received two hundred seventy eight point zero-seven-one (N278.041) billion naira.
A total sum of eight five point one-zero-one (N85.101) billion naira (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the State Governments received N109.942 billion and the Local Government Councils received N84.761 billion. The sum of N51.619 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N58.768 billion, the State Governments received N195.894 billion and the Local Government Councils received N137.125 billion from the N391.787 billion distributable Value Added Tax (VAT) revenue.
The N15.922 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.388 billion, the State Governments received N7.961 billion and the Local Government Councils received N5.573 billion.
The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue. The State Governments received N65.610 billion, and the Local Government Councils received N50.582 billion. The sum of N33.482 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month of January 2024, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while Value Added Tax (VAT), Export Duty, Electronic Money Transfer Levy (EMTL) and CET Levies decreased considerably.
The balance in the ECA was $473,754.57
