The Federal Government, States and Local Government Councils shared a total sum of N1.424 trillion, being December 2024 Federation Accounts Revenue.
The revenue was shared among the three tiers of government
at the January 2025 Federation Account Allocation Committee, FAAC, meeting held
in Abuja.
This was contained in a statement by the Director of Press
and Public Relations, Office of the Accountant General of the Federation, Bawa
Mokwa, on Friday in Abuja.
Mokwa said the N1.424 trillion total distributable revenue
comprised distributable statutory revenue of N386.124 billion, distributable
Value Added Tax, VAT, revenue of N604.872 billion, Electronic Money Transfer
Levy, EMTL, revenue of N31.211 billion and Exchange Difference revenue of
N402.714 billion.
According to the communiqué by FAAC, total gross revenue of
2.310 trillion was available in the month of December 2024, then total
deduction for cost of collection was N84.780 billion while total transfers,
interventions and refunds was N801.175 billion.
The communiqué also indicated that gross statutory revenue
of N1.226 trillion was received for the month of December 2024.
This was said to be lower than the sum of N1.827 trillion
received in the month of November 2024 by N600.988 billion.
In the communique, gross revenue of N649.561 billion was
available from the Value Added Tax, VAT, in December 2024.
This was higher than the N628.973 billion available in the
month of November 2024 by N20.588 billion.
According to the communiqué, from the N1.424 trillion total
distributable revenue, the Federal Government received total sum of N451.193
billion while the State Governments got total sum of N498.498 billion.
Then the Local Government Councils received total sum of
N361.754 billion and a total sum of N113.477 billion (13% of mineral revenue)
was shared to the benefiting States as derivation revenue.
The communiqué, on the N386.124 billion distributable
statutory revenue, stated that the Federal Government received N167.690 billion
and the State Governments received N85.055 billion.
The Local Government Councils got N65.574 billion and the
sum of N67.806 billion (13% of mineral revenue) was shared to the benefiting
States as derivation revenue.
From the N604.872 billion distributable Value Added Tax, VAT,
revenue, the Federal Government received N90.731 billion, the State Governments
received N302.436 billion and the Local Government Councils received N211.705
billion.
A total sum of N4.682 billion was received by the Federal
Government from the N31.211 billion Electronic Money Transfer Levy, EMTL.
The State Governments received N15.605 billion and the Local
Government Councils received N10.924 billion.
From the N402.714 billion Exchange Difference revenue, the
communiqué stated that the Federal Government received N188.090 billion and the
State Governments received N95.402 billion.
The Local Government Councils received N73.551 billion,
while the sum of N45.671 billion (13% of mineral revenue) was shared to the
benefiting States as derivation revenue.
In December 2024, Value Added Tax, VAT, and Electronic Money
Transfer Levy, EMTL, increased significantly while Oil and Gas Royalty, CET
Levies, Excise Duty, Import Duty, Petroleum Profit Tax, PPT, and Companies
Income Tax, CIT, decreased considerably.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com