‘A decline of 17.54%’ FG, States, LGCs share N1.424 trillion December 2024 Revenue

The Federal Government, States, and Local Government Councils have shared a total sum of N1.424 trillion as revenue for December 2024.

Compared to the N1.727 trillion shared for November 2024 revenue, there was a decline of 17.54% or N303 billion.

This allocation was finalized during the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Friday, January 17, 2025, Bawa Mokwa, the Director (Press and Public Relations) at the Office of the Accountant General of the Federation (OAGF), said in a press statement.

According to a communiqué issued by FAAC, the total distributable revenue comprised N386.124 billion from 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 and deductions
The gross revenue for December 2024 was reported at N2.310 trillion. From this amount, a total of N84.780 billion was deducted as the cost of collection, while N801.175 billion was set aside for transfers, interventions, and refunds.

The communiqué further disclosed that gross statutory revenue for December 2024 amounted to N1.226 trillion, a decline of N600.988 billion compared to the N1.827 trillion received in November 2024.

In contrast, VAT revenue experienced an increase, reaching N649.561 billion in December, which was N20.588 billion higher than the N628.973 billion generated in November 2024.

Revenue distribution breakdown
Out of the N1.424 trillion distributable revenue, the Federal Government received N451.193 billion, while the States received N498.498 billion. The Local Government Councils were allocated N361.754 billion. Also, N113.477 billion, representing 13% of mineral revenue, was distributed to the benefiting states as derivation revenue.

From the distributable statutory revenue of N386.124 billion, the Federal Government’s share was N167.690 billion. The States received N85.055 billion, while Local Government Councils were allocated N65.574 billion. Benefiting states also received N67.806 billion as derivation revenue from statutory allocations.

VAT revenues contributed N604.872 billion to the total distributable revenue for December 2024. Of this, the Federal Government received N90.731 billion, with the States and Local Government Councils receiving N302.436 billion and N211.705 billion respectively.

The revenue from the Electronic Money Transfer Levy (EMTL) amounted to N31.211 billion in December 2024. From this, N4.682 billion was allocated to the Federal Government, N15.605 billion went to the States, and N10.924 billion was distributed to the Local Government Councils.

The Exchange Difference revenue, totaling N402.714 billion, saw the Federal Government receiving N188.090 billion. States were allocated N95.402 billion, while Local Government Councils received N73.551 billion. An additional N45.671 billion, representing 13% of mineral revenue, was distributed to the benefiting states from the Exchange Difference revenue.

The communiqué noted significant increases in VAT and EMTL revenues for December 2024. However, revenues from Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) experienced notable declines during the period.