FG, States, LGs Share N1.424 Trillion in December Allocation
The Federal Government, states, and local government councils have shared a total of N1.424 trillion as federation allocation for December 2024, according to the Federation Account Allocation Committee (FAAC). This amount was drawn from a gross total revenue of N2.310 trillion, covering statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
At the FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Federal Government received N451.193 billion, states got N498.498 billion, local governments received N361.754 billion, while oil-producing states were allocated N113.477 billion as derivation revenue (13% of mineral revenue).
Additionally, N84.780 billion was set aside for the cost of revenue collection, while N801.175 billion was allocated for transfers, interventions, and refunds.
The communique issued after the meeting revealed that gross VAT revenue for December stood at N649.561 billion, marking a N20.588 billion increase from the previous month’s N628.973 billion.
From that amount, the sum of N25.982 Billion was allocated for the cost of collection and the sum of N18.707 Billion given for Transfers, Intervention and Refunds. The remaining sum of N649.561 Billion was distributed to the three tiers of government, of which the Federal Government got N90.731 Billion, the States received N302.436 Billion and Local Government Councils got N211.705 Billion.
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Accordingly, the Gross Statutory Revenue of N1.226 Billion received for the month was lower than the sum of N1.827 Billion received in the previous month by N6.988 Billion. From the stated amount, the sum of N57.498 Billion was allocated for the cost of collection and a total sum of N782.468 for Transfers, Intervention and Refunds.
The remaining balance of N386.124 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N167.690 Billion, States received N85.055 Billion, the sum of N65.574 Billion was allocated to LGCs and N67.806 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N31.211 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N4.682 Billion, States got N15.605 Billion, Local Government Councils received N10.924 Billion, while N1.300 Billion was allocated for Cost of Collection.
The Communique also disclosed that the sum of N402.714 Billion from Exchange Difference, which was shared as follows: Federal Government received N188.090 Billion, States got N95.402 Billion, the sum of N73.551 Billion was allocated to Local Government Councils, N45.671 Billion was given for Derivation (13% of Mineral Revenue).
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.
According to the Communique, the total revenue distributable for the current month of December 2024, was drawn from Statutory Revenue of N386.124 Billion, Value Added Tax (VAT) of N604.872 Billion, N31.211 Billion from Electronic Money Transfer Levy (EMTL), and N402.714 Billion from Exchange Difference, bringing the total distributable amount for the month to N1,424 Trillion.
