In a recent announcement by the Federation Allocation Accounts Committee (FAAC), the total revenue to the government in January 2024 reached N2.07 trillion.
Out of this, N1.15 trillion was disbursed to the Federal Government, states, and local government areas to address the financial needs of subnational governments.
According to a press release from the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the amount shared in January 2024 was slightly less than the N1.44 trillion distributed in the same month of the previous year.
The breakdown of the N1.45 trillion total distributable revenue included N463.1 billion from distributable statutory revenue, N391.8 billion from distributable Value Added Tax (VAT) revenue, N15.9 billion from Electronic Money Transfer Levy revenue, and N279.03 billion from Exchange Difference revenue.
A total of N2.07 trillion was available in January 2024, with N200 billion allocated for savings.
The communique revealed that gross statutory revenue of N1.15 trillion was received for January 2024, showing an increase of N276 billion compared to December 2023.
From the total distributable revenue, the Federal Government received N407.267 billion, state governments received N379.407 billion, and local governments received N278.041 billion. VAT collection decreased by N71.7 billion to N420.7 billion.
The distribution included N85.101 billion (13% of mineral revenue) as derivation revenue shared with benefiting states.
From the distributable statutory revenue, the Federal Government received N216.757 billion, state governments received N109.942 billion, and local government councils received N84.761 billion.
An additional N51.619 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
The distributable Value Added Tax revenue saw the Federal Government receive N58.768 billion, state governments received N195.894 billion, and local government councils received N137.125 billion.
Furthermore, the Electronic Money Transfer Levy of N15.922 billion was shared, with the Federal Government receiving N2.388 billion, state governments receiving N7.961 billion, and local governments receiving N5.573 billion.
The Exchange Difference revenue of N279.028 billion was distributed, with the Federal Government receiving N129.354 billion, state governments receiving N65.610 billion, and local government councils receiving N50.582 billion. An additional N33.482 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
In January 2024, significant increases were reported in Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties. On the flip side, Value Added Tax, Export Duty, Electronic Money Transfer Levy, and CET Levies showed considerable decreases.
The statement concluded by disclosing a balance of $473,754.57 in the Excess Crude Account (ECA).
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