A total of ₦1.424 trillion, representing the December 2024 Federation Accounts Revenue, has been distributed among the Federal Government, States, and Local Government Councils.

The allocation was made during the January 2025 meeting of the Federation Account Allocation Committee (FAAC) in Abuja.

In a statement released today, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, provided details of the revenue distribution.

The ₦1.424 trillion distributable revenue included ₦386.124 billion from statutory revenue, ₦604.872 billion from Value Added Tax (VAT), ₦31.211 billion from the Electronic Money Transfer Levy (EMTL), and ₦402.714 billion from exchange rate differences.

A communiqué issued by FAAC revealed that the total gross revenue available in December 2024 was ₦2.310 trillion.

Of this, ₦84.780 billion was deducted for collection costs, while ₦801.175 billion went towards transfers, interventions, and refunds.

The communiqué further noted that gross statutory revenue for December 2024 stood at ₦1.226 trillion, a decrease of ₦600.988 billion compared to the ₦1.827 trillion received in November 2024.

Additionally, gross VAT revenue for December 2024 amounted to ₦649.561 billion, an increase of ₦20.588 billion compared to the ₦628.973 billion recorded in November 2024.

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