The Federation Allocation Accounts Committee (FAAC), has revealed that the total revenue accruing to the government’s coffers surged to N2.07 trillion in January 2024, marking a significant increase compared to previous periods.
Out of this sum, N1.15 trillion was disbursed to the Federal Government, states, and local government areas to meet their respective needs.
During its monthly meeting in Abuja, FAAC disclosed that the disbursed amount was slightly lower than the N1.44 trillion distributed in January 2023, with a deficit of N29 billion.
The breakdown of the N1.45 trillion total distributable revenue includes statutory revenue of N463.1 billion, Value Added Tax (VAT) revenue of N391.8 billion, Electronic Money Transfer Levy revenue of N15.9 billion, and Exchange Difference revenue of N279.03 billion.
Furthermore, FAAC stated that N200 billion was kept as savings, with N78.4 billion allocated for the cost of collection, N640 billion for transfers, interventions, and refunds, and N200 billion preserved as savings.
The gross statutory revenue of N1.15 trillion received in January 2024 marked a notable increase compared to December 2023, exceeding it by N276 billion.
From the total distributable revenue, the Federal Government received N407.267 billion, state governments received N379.407 billion, and local governments received N278.041 billion. However, VAT collection witnessed a decrease, amounting to N420.7 billion for the month.
Additionally, N85.101 billion, representing 13 percent of mineral revenue, was shared with benefiting states as derivation revenue. Breakdowns indicated that the Federal Government received N58.768 billion from distributable VAT revenue, N129.354 billion from Exchange Difference revenue, and N2.388 billion from the Electronic Money Transfer Levy.
The statement from FAAC highlighted significant increases in Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties, contrasted by decreases in VAT, Export Duty, Electronic Money Transfer Levy, and CET Levies.
Ending with a financial update, the statement disclosed a balance of $473,754.57 in the Excess Crude Account (ECA).
