In a significant financial boost, the Federation Accounts Allocation Committee (FAAC) has disbursed a whopping N1.703 trillion to the federal government, states, and local government councils (LGCs) for January 2024. The announcement was made in Abuja on Thursday by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), following the FAAC meeting.
The total revenue, derived from various streams, includes N749.727 billion from statutory revenue, N718.781 billion from Value Added Tax (VAT), N20.548 billion from the Electronic Money Transfer Levy (EMTL), and N214 billion from augmentation funds. This comes as the gross revenue available for January stood at an impressive N2.641 trillion, with deductions for cost of collection and transfers amounting to N107.786 billion and N830.663 billion, respectively.
The federal government received N552.591 billion, while state governments and LGCs were allocated N590.614 billion and N434.567 billion, respectively. Additionally, N125.284 billion (13% of mineral revenue) was shared among oil-producing states as derivation revenue.
Breaking it down further, the federal government took N343.612 billion from statutory revenue, with states and LGCs receiving N174.285 billion and N134.366 billion, respectively. From VAT revenue, the federal government got N107.817 billion, states N359.391 billion, and LGCs N251.573 billion. The EMTL revenue saw the federal government receiving N3.082 billion, states N7.192 billion, and LGCs N10.274 billion. Augmentation funds were also shared, with the federal government receiving N98.080 billion, states N49.747 billion, and LGCs N38.353 billion.
The communiqué highlighted significant increases in VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while EMTL and oil and gas royalties saw notable declines. This allocation marks a substantial rise compared to December 2023, signaling a positive start to the year for Nigeria’s three tiers of government.
