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Friday, 23 February 2024 07:08

January Revenue Hits N2trn, FAAC Shares N1.15trn To FG, States, LGs

The Federation revenue rose to N2. 068 trillion in January out of which the Federation Allocation Committee (FAAC) has shared a total sum of N1.149 trillion to the Federal Government, States and Local Government Councils.

 

This was contained in the communique issued at the end of the FAAC meeting in Abuja, yesterday.

 

Mr. Bawa Mokwa, Director of Press and Public Relations of the Office of the Accountant-General of the Federation (OAGF) said the meeting was chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.


The N1.149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

Total deductions for cost of collection was N78.412 billion, total transfers, interventions and refunds was N639.926 billion and savings was N200.000 billion.

Gross statutory revenue of N1,151.808 billion was received for the month of January 2024. This was higher than the sum of N875.382 billion received in the month of December 2023 by N 276.426 billion.

The gross revenue available from the Value Added Tax (VAT) in January was N420.733 billion.

This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.

The communique indicated that from the N1.149 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, State Governments received N379.407 billion, while the Local Government Councils received N278.041 billion.

A total sum of N85.101 billion (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, 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.


The balance in the ECA was $473,754.57.

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