FG, States, LGCs share N1.424 trillion December 2024 revenue 

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

Compared to the N1.727 trillion shared for November 2024 revenue, there was a decline of 17.54% or N303 billion.

This allocation was finalized during the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Friday, January 17, 2025, Bawa Mokwa, the Director (Press and Public Relations) at the Office of the Accountant General of the Federation (OAGF), said in a press statement.

According to a communiqué issued by FAAC, the total distributable revenue comprised N386.124 billion from statutory revenue, N604.872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from Exchange Difference revenue.

Gross revenue and deductions

The gross revenue for December 2024 was reported at N2.310 trillion. From this amount, a total of N84.780 billion was deducted as the cost of…