The Federal Government of Nigeria, state governments, and local government councils (LGAs) have shared a total of ₦1.424 trillion from the December 2024 Federation Account Allocation Committee (FAAC) revenue.
The allocation was finalized during the January 2025 FAAC meeting in Abuja, according to a statement by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF).
The total revenue distributed comprised ₦386.124 billion in 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 difference revenue.
According to the FAAC communiqué, total gross revenue for December 2024 stood at ₦2.310 trillion. However, deductions for the cost of collection accounted for ₦84.780 billion, while ₦801.175 billion was earmarked for transfers, interventions, and refunds.
A comparison with November 2024 revenue showed a ₦600.988 billion decline in gross statutory revenue, which dropped from ₦1.827 trillion in November to ₦1.226 trillion in December. On the other hand, gross VAT revenue increased by ₦20.588 billion, rising from ₦628.973 billion in November to ₦649.561 billion in December.
From the ₦1.424 trillion total distributable revenue, the Federal Government received ₦451.193 billion, states received ₦498.498 billion, while LGAs got ₦361.754 billion. Additionally, ₦113.477 billion was allocated to oil-producing states as 13% derivation revenue.
Out of the ₦386.124 billion in statutory revenue, the Federal Government received ₦167.690 billion, states got ₦85.055 billion, and LGAs were allocated ₦65.574 billion. Oil-producing states also received ₦67.806 billion as 13% derivation revenue.
For the ₦604.872 billion in VAT revenue, the Federal Government received ₦90.731 billion, states got ₦302.436 billion, while ₦211.705 billion was allocated to LGAs. The ₦31.211 billion collected from the Electronic Money Transfer Levy was shared among the Federal Government (₦4.682 billion), states (₦15.605 billion), and LGAs (₦10.924 billion).
The exchange difference revenue, totaling ₦402.714 billion, was distributed with the Federal Government receiving ₦188.090 billion, states ₦95.402 billion, and LGAs ₦73.551 billion, while ₦45.671 billion was allocated to oil-producing states as 13% derivation revenue.
FAAC noted that VAT and EMTL revenue saw a significant increase in December, while revenue from oil and gas royalties, CET levies, excise duty, import duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) recorded substantial declines.
