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THE Federation Accounts Allocation Committee, FAAC has approved the sum of N1.15 Trillion as allocation for sharing between the Federal Government, States and Local Governments Areas for the month of February 2024.
FAAC in a communiqué issued at the end of its monthly meeting in Abuja said the revenue was shared to meet the needs of the sub-national government.
According to a press release by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the amount shared is N29bn less than the N1.44tn disbursed in January 2023.
The communiqué said the N1.45tn total distributable revenue comprised distributable statutory revenue of N463.1bn, distributable Value Added Tax revenue of N391.8bn, Electronic Money Transfer Levy revenue of N15.9bn and exchange difference revenue of N279.03bn.
It added that a total revenue of N2.07trn was available in the month of January 2024 while N200bn was kept as savings.
“Total deductions for the cost of collection was N78.4bn, total transfers, interventions, and refunds was N640bn and savings was N200bn.
“Gross statutory revenue of N1.15tn was received for the month of January 2024. This was higher than the sum of N875bn received in the month of December 2023 by N276bn,” it added.
The communiqué further stated that from the N1.15tn total distributable revenue, the Federal Government received a total of N407.267bn, state governments received N379.407bn while LGs received N278.041bn.
It added that VAT collection was reduced by N71.7bn to N420.7bn in the month ending.
“The gross revenue available from the Value Added Tax in January 2024 was N420.733bn. This was lower than the N492.506 billion available in the month of December 2023 by N71.773bn.
“From the N1,149tntotal distributable revenue, the Federal Government received a total of N407.267bn, the state governments received N379.407bn and the LGs received N278.041bn.
“A total sum of N85.101bn (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
“From the N463.079bn distributable statutory revenue, the Federal Government received N216.757bn, the state governments received N109.942bn and the Local Government Councils received N84.761bn. The sum of N51.619bn (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.”
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In the month of January 2024, Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties increased significantly, while Value Added Tax, Export Duty, Electronic Money Transfer Levy, and CET Levies decreased considerably.
“The balance in the ECA was $473,754.57,” the statement concluded.
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BREAKDOWN:
Abia: 8.3BN
Adamawa: 8.4BN
Akwa Ibom: 26.6BN
Anambra: 10.1BN
Bauchi: 8.3BN
Bayelsa: 22.8BN
Benue: 9.7BN
Borno: 10.5BN
Cross River: 6.6BN
Delta: 38.1BN
Ebonyi: 7.3BN
Edo: 10.2BN
Ekiti: 6.9BN
Enugu: 8.5BN
Gombe: 7.1BN
Imo: 9.5BN
Jigawa: 9.8BN
Kaduna: 7.3BN
Kano: 13.6BN
Katsina: 9.8BN
Kebbi: 8.8BN
Kogi: 7.4BN
Kwara: 7.3BN
Lagos: 23.6BN
Nasarawa: 7.7BN
Niger: 8.5BN
Ogun: 7.1BN
Ondo: 10.3BN
Osun: 7.8BN
Oyo: 10.5BN
Plateau: 7.8BN
Rivers: 28.4BN
Sokoto: 8.4BN
Taraba: 8.1BN
Yobe: 7.9BN
Zamfara: 7.9BN
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