FG, States, LGs Share N1.703trn for January
The Federation Accounts Allocation Committee (FAAC) has shared a total of N1.703 trillion revenue among the Federal Government, states, and Local Government Councils (LGCs) for January.
This was announced in a communiqué issued at the end of the FAAC meeting on Thursday in Abuja.
According to the communiqué, the total revenue comprised statutory revenue of N749.727 billion, Value Added Tax (VAT) revenue of N718.781 billion, Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion, and augmentation of N214 billion.
The FAAC also reported that the total gross revenue of N2.641 trillion was available in January, with total deductions for cost of collection amounting to N107.786 billion. Additionally, total transfers, interventions, refunds, and savings totaled N830.663 billion.
The revenue sharing formula saw the Federal Government receiving N552.591 billion, while the state governments received N590.614 billion. The LGCs received N434.567 billion, and N125.284 billion was shared as derivation revenue to benefiting states.
The communiqué also revealed that the gross statutory revenue of N1.848 trillion received in January was higher than the N1.226 trillion received in December 2024 by N622.125 billion.
Similarly, the gross revenue of N771.886 billion available from VAT in January was higher than the N649.561 billion available in December 2024 by N122.325 billion.
The FAAC meeting was attended by representatives of the Federal Government, state governments, and LGCs. The committee’s primary objective is to ensure the equitable distribution of revenue among the three tiers of government.