The gross statutory revenue for December 2024 reached N1.226 trillion, showing a decline of N601.988 billion compared to the N1.827 trillion recorded in November 2024.
FG, States, LGAs shared N1.424trn in January 2025 – FAAC
In January 2025, the Federation Account Allocation Committee (FAAC) reported the distribution of a total of N1.424 trillion, which represents the Federation Account Revenue for December 2024. This decision was finalized during the FAAC meeting held in Abuja.
According to a statement signed by Bawa Mokwa, the Director of Press and Public Relations at FAAC, the distributable revenue included N1.124 billion from statutory revenue, N872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N714 billion from exchange difference revenue.
The communiqué issued by FAAC indicated that the total gross revenue for December 2024 was N2.310 trillion. From this amount, N84.780 billion was deducted for collection costs, and N175 billion was allocated for transfers, interventions, and refunds.
The gross statutory revenue for December 2024 reached N1.226 trillion, showing a decline of N601.988 billion compared to the N1.827 trillion recorded in November 2024. Conversely, VAT collections showed growth, with a gross revenue of N872.561 billion in December 2024, exceeding November’s figures by N20.588 billion.
From the total distributable revenue of N1.424 trillion, the Federal Government received N570.193 billion, State Governments received N495.498 billion, and Local Government Councils received N427.754 billion. Additionally, N51.477 billion, representing 13 percent of derivation revenue, was distributed among the oil-producing states.
Of the N1.124 billion in distributable statutory revenue, the Federal Government received N430.690 billion, State Governments received N85.055 billion, and Local Government Councils received N65.574 billion, while N67.806 billion was allocated to oil-producing states as derivation revenue. In terms of the N872 billion in distributable VAT revenue, the Federal Government received N90.731 billion, State Governments received N323.436 billion, and Local Government Councils received N145.705 billion.
From the N31.211 billion generated from the Electronic Money Transfer Levy (EMTL), the Federal Government received N4.682 billion, State Governments received N15.605 billion, and Local Government Councils received N10.924 billion. The N714 billion in exchange difference revenue was shared as follows: the Federal Government received N74.090 billion, State Governments received N95.402 billion, and Local Government Councils received N73.551 billion, with oil-producing states allocated N45.671 billion as derivation revenue.
FAAC noted that while there was a significant increase in VAT and EMTL collections, revenues from Oil and Gas Royalties, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) experienced considerable declines. The FAAC reaffirmed its commitment to ensuring equitable and transparent revenue sharing among all levels of government to promote economic growth and development. Read More
