FAAC Distributes N1.149tr Revenue for January 2024
By Patience Ikpeme
The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.149 trillion as revenue for January 2024 to the Federal Government, States, and Local Government Councils.
This distribution, outlined during the February 2024 FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, encompasses various revenue streams.
According to the communique issued by FAAC, the 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.
The total revenue available for January 2024 stood at N2.068 trillion after deductions for collection costs, transfers, interventions, refunds, and savings.
Gross statutory revenue for January 2024 amounted to N1.151 trillion, reflecting an increase from the previous month. However, the gross revenue from VAT decreased to N420.733 billion compared to December 2023.
From the total distributable revenue, the Federal Government received N407.267 billion, State Governments received N379.407 billion, and Local Government Councils received N278.041 billion. Additionally, N85.101 billion, equivalent to 13% of mineral revenue, was shared among the benefiting States as derivation revenue.
Further breakdown reveals that the Federal Government received N216.757 billion from distributable statutory revenue, N58.768 billion from VAT revenue, N2.388 billion from EMTL revenue, and N129.354 billion from Exchange Difference revenue. State Governments and Local Government Councils also received their respective shares from each revenue source, with 13% of mineral revenue allocated to benefiting States as derivation revenue.
In terms of tax revenue, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT), and Oil and Gas Royalties saw significant increases in January 2024, while VAT, Export Duty, EMTL, and CET Levies decreased notably.
The Excess Crude Account (ECA) maintained a balance of $473,754.57.
