FAAC: FG, States, LGs Share N1.15tn as Revenue Rises

FAAC Disburses ₦780.92 billion

The Federation Accounts Allocation Committee (FAAC) revealed on Thursday that a total revenue of N2.07trn was recorded in January 2024, out of which N1.15trn was disbursed to the Federal Government, states, and Local Government Area Councils.

In a communiqué issued at the end of its monthly meeting in Abuja, FAAC stated that the increase in revenue was aimed at meeting the financial needs of the sub-national governments.

According to a press release by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the disbursed amount is N29bn less than the N1.44tn disbursed in January 2023.

The breakdown revealed that the N1.45tn total distributable revenue included distributable statutory revenue of N463.1bn, distributable Value Added Tax (VAT) revenue of N391.8bn, Electronic Money Transfer Levy revenue of N15.9bn, and exchange difference revenue of N279.03bn.

Furthermore, a total revenue of N2.07trn was available in January 2024, with N200bn allocated for savings.

The communiqué highlighted that the Federal Government received a total of N407.267bn, state governments received N379.407bn, and Local Governments received N278.041bn from the N1.15tn total distributable revenue.

Additionally, VAT collection decreased by N71.7bn to N420.7bn in the same period.

The breakdown of the distributable statutory revenue showed that the Federal Government received N216.757bn, state governments received N109.942bn, and Local Government Councils received N84.761bn from the N463.079bn distributable statutory revenue.

The statement further noted significant increases in Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties, while Value Added Tax, Export Duty, Electronic Money Transfer Levy, and CET Levies saw considerable decreases.

The statement concluded by indicating that the balance in the Excess Crude Account (ECA) stood at $473,754.57.

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