A total of N1.424 trillion, representing the December 2024 Federation Account Revenue, has been shared among the Federal, State, and Local Governments.
Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation, stated in a release on Friday that the revenue was distributed at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.424 trillion total distributable revenue comprises N386.124 billion in distributable statutory revenue, N604.872 billion in distributable Value Added Tax (VAT) revenue, N31.211 billion in Electronic Money Transfer Levy (EMTL) revenue, and N402.714 billion in Exchange Difference revenue.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue for December 2024 was N2.310 trillion. Total deductions for the cost of collection amounted to N84.780 billion, while total transfers, interventions, and refunds stood at…
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