The Federation Account Allocation Committee (FAAC) has announced a significant rise in Federation revenue, reaching N2.068 trillion in January.
Following this increase, FAAC has disbursed a total sum of N1.149 trillion to the Federal Government, States, and Local Government Councils.
According to a 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), revealed that the meeting was chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
The breakdown of the N1.149 trillion total distributable revenue includes 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.
Details of Allocation Distribution:
- Statutory Revenue:
- Federal Government: N216.757 billion
- State Governments: N109.942 billion
- Local Government Councils: N84.761 billion
- Value Added Tax (VAT) Revenue:
- Federal Government: N58.768 billion
- State Governments: N195.894 billion
- Local Government Councils: N137.125 billion
- Electronic Money Transfer Levy (EMTL):
- Federal Government: N2.388 billion
- State Governments: N7.961 billion
- Local Government Councils: N5.573 billion
- Exchange Difference Revenue:
- Federal Government: N129.354 billion
- State Governments: N65.610 billion
- Local Government Councils: N50.582 billion
Other Key Highlights:
- Derivation Revenue: A total sum of N85.101 billion (13% of mineral revenue) was shared among benefiting States.
- ECA Balance: The balance in the Excess Crude Account (ECA) stood at $473,754.57.
