The Federation Account Allocation Committee (FAAC) on Thursday shared about N1.15 trillion revenue allocation for January 2024 to the three tiers, consisting the Federal, States and Local Government Councils.
A communique issued at the end of the FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, showed that total distributable revenue for the month comprised 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 revenue realized from foreign exchange differential of N279.028 billion.
Further details from the communique showed that total revenue realized for the month stood at about N2.067 trillion, with total deductions for cost of collection at N78.412 billion; total transfers, interventions and refunds at N639.926 billion, and savings N200 billion.
Also, gross statutory revenue received for the month of January 2024 stood at N1.15 trillion, which was higher than N875.382 billion received in December 2023 by N 276.426 billion.
The gross revenue available from the Value Added Tax (VAT) in January 2024, the communique said, was N420.733 billion, which was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.
During the month, the communique said Companies 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 CET Levies decreased considerably.
The balance in the Excess Crude Revenue Account (ECA) as at January 31, 2024 was $473,754.57.
The communique showed that from the N1.15 trillion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments N379.407 billion and the Local Government Councils N278.041 billion.
About N85.101 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the State Governments N109.942 billion and the Local Government Councils N84.761 billion, while about N51.619 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the total distributable Value Added Tax (VAT) revenue, the Federal Government received N58.768 billion, the State Governments N195.894 billion and the Local Government Councils N137.125 billion from the N391.787 billion=
The N15.922 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government N2.388 billion; the State Governments N7.961 billion and the Local Government Councils received N5.573 billion.
The Federal Government received N129.354 billion from the N279.028 billion Exchange Difference revenue, while the State Governments received N65.610 billion, and the Local Government Councils N50.582 billion, with about N33.482 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.