A total of N1.424 trillion, representing the Federation Account revenue for December 2024, has been distributed among the Federal, State, and Local Governments.
This was disclosed in a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF). Mokwa confirmed that the allocation was finalized during the Federation Account Allocation Committee (FAAC) meeting held in January 2025 in Abuja.
The communiqué issued after the meeting detailed the composition of the distributed revenue, which includes N386.124 billion in statutory revenue, N604.872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from Exchange Difference revenue.
Gross Revenue Breakdown
The total gross revenue for December 2024 was N2.310 trillion. After deducting N84.780 billion for collection costs and N801.175 billion for transfers, interventions, and refunds, the distributable revenue stood at N1.424 trillion.
Gross statutory revenue for December 2024 was N1.226 trillion, a significant decrease of N600.988 billion from the N1.827 trillion recorded in November 2024. However, VAT revenue increased to N649.561 billion, a rise of N20.588 billion compared to the previous month.
Allocation to Government Tiers
From the total distributable revenue:
Federal Government received N451.193 billion.
State Governments received N498.498 billion.
Local Government Councils (LGCs) were allocated N361.754 billion.
An additional N113.477 billion was shared among mineral-producing states as 13% derivation revenue.
Statutory Revenue Breakdown
Of the N386.124 billion statutory revenue:
The Federal Government received N167.690 billion.
State Governments got N85.055 billion.
LGCs received N65.574 billion.
Benefiting states shared N67.806 billion as derivation revenue.
VAT Revenue Distribution
From the N604.872 billion VAT revenue:
The Federal Government received N90.731 billion.
State Governments received N302.436 billion.
LGCs were allocated N211.705 billion.
EMTL and Exchange Difference Revenue
For the N31.211 billion generated through the EMTL:
The Federal Government received N4.682 billion.
State Governments got N15.605 billion.
LGCs were allocated N10.924 billion.
For the N402.714 billion Exchange Difference revenue:
The Federal Government received N188.090 billion.
State Governments got N95.402 billion.
LGCs received N73.551 billion.
Derivation revenue for benefiting states stood at N45.671 billion.
Observations
While VAT and EMTL revenues recorded significant increases, revenues from Oil and Gas royalties, CET levies, excise duties, import duties, petroleum profit tax, and companies’ income tax declined in December 2024.
The Federation Account Allocation Committee noted these trends and emphasized the need for prudent management of resources across all tiers of government.