The three tiers of government on Friday shared the sum of N1.424 trillion as revenue allocation for December last year.
The Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a communiqué issued at the end of this month’s Federation Account Allocation Committee (FAAC) meeting in Abuja.
He said the N1.424 trillion distributable revenue comprised statutory revenue of N386.124 billion, and Value Added Tax (VAT) revenue of N604.872 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.
According to the communiqué, the total gross revenue of N2.310 trillion was available in December 2024.
It read: “Total deduction for cost of collection was N84.780 billion while total transfers, interventions, and refunds were N801.175 billion.
“Gross statutory revenue of N1.226 trillion was received for December 2024. This was lower than the sum of N1.827 trillion received in November 2024 by N600.988 billion.
“Gross revenue of N649.561 billion was available from VAT in December 2024. This was higher than the N628.973 billion available in November 2024 by N20.588 billion.
“From the N1.424 trillion total distributable revenue, the Federal Government received N451.193 billion, while the state governments received N498.498 billion. The LGAs received N361.754 billion. The total sum of N113.477 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
“On the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments got N85.055 billion. The LGAs received N65.574 billion, and the sum of N67.806 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, the state governments received N302.436 billion and the LGAs got N211.705 billion.
“A total sum of N4.682 billion was received by the Federal Government from the N31.211 billion EMTL. The state governments received N15.605 billion, and the LGAs got N10.924 billion.
“From the N402.714 billion Exchange Difference revenue, the Federal Government received N188.090 billion, the state governments received N95.402 billion while the LGAs received N73.551 billion.
“The sum of N45.671 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
“In December 2024, VAT and EMTL increased significantly while Oil and Gas royalty, CET levies, excise duty, import duty, petroleum profit tax, and companies income tax decreased considerably. “
