The Federation Account Allocation Committee (FAAC), at its Meeting chaired by the Minister of Finance and Co-Ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,149.816 trillion to the three tiers of government as Federation Allocation for the month of January 2024 from a gross total revenue of N2,068.154 trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N407.267 billion, the States received N379.407 billion, the Local Government Councils got N278.041 billion, while the Oil Producing States received N85.101 billion as Derivation, (13% of Mineral Revenue).
The communique also disclosed that the sum of N78.412 billion was given for cost of collection, and N639.926 billion allocated for Transfers Intervention and Refunds, while N200.000 billion was for savings.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for January 2024, was N391.787 billion, which was lower from the distributed in the preceding month December 2023, resulting in a decrease of N71.773 billion.
According to the statement released by the Ministry adding that from that amount, the Federal Government got N58.768 billion, the States received N195.894 billion, Local Government Councils got N137.125 billion.
Accordingly, the Gross Statutory Revenue of N1,151.808 trillion received in the month of January 2024 was higher than the sum of N875.382 billion received in the previous month of December, 2023 by N276.426 billion.
After all the deductions, the sum of N463.079 was distributed accordingly as N261.757 billion was given to the Federal Government, the sum of N109.942 billion to States, N84.761 billion allocated to LGCs while sum of N51.619 billion given to Oil Derivation (13% Mineral Revenue).
Also, the sum of N15.922 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of Govt as follows: the Federal Government received N2.388 billion, States got N7.961 billion, Local Government Councils received N5.572 billion.
The Communique disclosed N279.028 billion from Exchange Difference, which was shared as follows: Federal Government received N129.354 billion, the States got N65.610 billion, the sum of N50.582 billion allocated to Local Government Councils, and N33.482 billion given for Derivation (13% of Mineral Revenue).
Company Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while Value Added Tax (VAT), Export Duty, Electronic Money Transfer Levy (EMTL) and Customs External Tarrif levies (CET)decreased considerably.
According to the Communique, the total revenue distributable for the current month of January 2024, was drawn from Statutory Revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, N15.922 billion from Electronic Money Transfer Levy (EMTL), and N279.028 billion from Exchange Difference, bringing the total distributable amount for the month to N1,149.816 trillion.
The balance in the Excess Crude Account (ECA) as at February 22, 2024 stands at $473,754.57.
