The Federal Government, state governments, and local government councils (LGCs) have shared a total of ₦1.424 trillion from the December 2024 Federation Account Revenue.
This was disclosed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), following the January Federation Account Allocation Committee (FAAC) meeting held on Friday in Abuja.
A communiqué released after the meeting detailed that the total revenue comprised the following:
- Statutory revenue: ₦386.124 billion
- Value Added Tax (VAT): ₦604.872 billion
- Electronic Money Transfer Levy (EMTL): ₦31.211 billion
- Exchange Difference revenue: ₦402.714 billion
Key Revenue Figures
The communiqué highlighted that the gross revenue for December 2024 stood at ₦2.310 trillion, but deductions for cost of collection and transfers, interventions, and refunds totaled ₦84.780 billion and ₦801.175 billion, respectively.
“Gross statutory revenue of ₦1.226 trillion was received for December 2024, a significant drop of ₦600.988 billion from the ₦1.827 trillion received in November 2024. Conversely, gross VAT revenue increased to ₦649.561 billion in December, up by ₦20.588 billion from ₦628.973 billion in November,” the communiqué stated.
Revenue Distribution
From the total distributable revenue of ₦1.424 trillion:
- The Federal Government received ₦451.193 billion
- State governments received ₦498.498 billion
- Local Government Councils (LGCs) received ₦361.754 billion
- ₦113.477 billion (13% of mineral revenue) was allocated to benefiting states as derivation revenue
Breakdown of Major Revenue Components
- Statutory Revenue (₦386.124 billion):
- Federal Government: ₦167.690 billion
- State Governments: ₦85.055 billion
- LGCs: ₦65.574 billion
- Derivation (13%): ₦67.806 billion
- VAT Revenue (₦604.872 billion):
- Federal Government: ₦90.731 billion
- State Governments: ₦302.436 billion
- LGCs: ₦211.705 billion
- EMTL Revenue (₦31.211 billion):
- Federal Government: ₦4.682 billion
- State Governments: ₦15.605 billion
- LGCs: ₦10.924 billion
- Exchange Difference Revenue (₦402.714 billion):
- Federal Government: ₦188.090 billion
- State Governments: ₦95.402 billion
- LGCs: ₦73.551 billion
- Derivation (13%): ₦45.671 billion
Observations and Trends
The communiqué noted significant increases in VAT and EMTL collections for December 2024. However, revenues from oil and gas royalties, CET levies, excise duty, import duty, petroleum profit tax, and companies income tax witnessed considerable declines.
