FG, States, LGAs Share N1.424tn FAAC Revenue For December 2024

• The Federal Government, States, and Local Government Councils shared a total sum of N1.424 trillion as December 2024 Federation Accounts Revenue.

•  The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting in Abuja.

• The total distributable revenue comprised statutory revenue, Value Added Tax (VAT) revenue, among others.

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

The revenue was shared among the three tiers of government at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

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According to a statement by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, the N1.424 trillion total distributable revenue comprised distributable statutory revenue of N386.124 billion, distributable Value Added Tax (VAT) revenue of N604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion, and Exchange Difference revenue of N402.714 billion.

From the total distributable revenue, the Federal Government received N451.193 billion, while the State Governments got N498.498 billion.

The Local Government Councils received N361.754 billion, and a total sum of N113.477 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

FAAC Disburses N1.72trn to FG, States, LGs for November 2024 Revenue

The gross total revenue for November stood at N3.14 trillion, with the distributable amount set at N1.72 trillion.

The Minister of Finance, Wale Edun, presided over the FAAC meeting, where the revenue allocation was made.

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