At the February 2024 meeting of the Federation Account Allocation Committee (FAAC), a total sum of N1.149 trillion was disbursed as the Federation Account Revenue for January 2024.
The committee, presided over by the Minister of Finance, Wale Edun, distributed this revenue among the Federal Government, States, and Local Government Councils.
The breakdown of the N1,149.816 trillion distributable revenue includes N463.079 billion from statutory revenue, N391.787 billion from Value Added Tax (VAT), N15.922 billion from Electronic Money Transfer Levy (EMTL), and N279.028 billion from Exchange Difference revenue.
In January 2024, total revenue of N2,068.154 trillion was available, with deductions for collection costs at N78.412 billion, transfers, interventions, and refunds at N639.926 billion, and savings at N200.000 billion.
The gross statutory revenue of N1,151.808 trillion for January 2024 marked an increase of N276.426 billion compared to December 2023. However, the VAT revenue decreased to N420.733 billion, down by N71.773 billion from 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 (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
The distributable statutory revenue of N463.079 billion saw the Federal Government receiving N216.757 billion, State Governments receiving N109.942 billion, and Local Government Councils receiving N84.761 billion. Another N51.619 billion (13% of mineral revenue) was shared as derivation revenue.
The distributable VAT revenue of N391.787 billion resulted in the Federal Government receiving N58.768 billion, State Governments receiving N195.894 billion, and Local Government Councils receiving N137.125 billion.
Electronic Money Transfer Levy (EMTL) of N15.922 billion was shared, with the Federal Government receiving N2.388 billion, State Governments receiving N7.961 billion, and Local Government Councils receiving N5.573 billion.
Exchange Difference revenue of N279.028 billion was distributed, with the Federal Government receiving N129.354 billion, State Governments receiving N65.610 billion, and Local Government Councils receiving N50.582 billion. Additionally, N33.482 billion (13% of mineral revenue) was shared as derivation revenue.
In January 2024, there were notable increases in Companies’ Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT), and Oil and Gas Royalties. Conversely, Value Added Tax (VAT), Export Duty, Electronic Money Transfer Levy (EMTL), and CET Levies experienced significant decreases.
The Economic Stabilisation Fund (ESF) held a balance of $473,754.57 at the close of January 2024.
