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The Federation Account Allocation Committee, FAAC, shared N1,149.816 trillion January 2024 Federation Account Revenue with the Federal Government, States and Local Government Councils.

Bawa Mokwa, the Director of Press and Public Relations, office of the Accountant General of the Federation disclosed this in a statement on Thursday after the February 2024 FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

The statement explained that the N1,149.816 trillion total distributable revenue comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

Accordingly, the FAAC disclosed that a total revenue of N2,068.154 trillion was available in January 2024.

N78.412 billion total deductions for cost total transfers, interventions and refunds was N639.926 billion, and savings was N200.000 billion.

It added that Gross statutory revenue of N1,151.808 trillion was received for the month of January 2024. This was higher than N875.382 billion received in December 2023 by N276.426 billion.

A further analysis showed that the gross revenue from the Value Added Tax (VAT) in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in December 2023 by N71.773 billion.

It noted that from the N1,149.816 trillion total distributable revenue, the Federal Government received N407.267 billion, the State Governments received N379.407 billion, and the Local Government Councils received N278.041 billion.

Meanwhile, N85.101 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.

Recall that in January, FAAC shared N1.1 trillion in December 2023 to the federal, state, and local governments.