The Federation Account Allocation Committee (FAAC) distributed N1.149 trillion in revenue among the Federal Government, states, and Local Government Councils (LGCs) for January. This allocation, revealed by a communique issued after the February FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, included statutory revenue of N463.079 billion, Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion, and Exchange Difference revenue of N279.028 billion.

The total revenue of N2,068 trillion was available in January 2024. Deductions for cost of collection amounted to N78.412 billion, total transfers, interventions, and refunds equalled N639.926 billion, and savings stood at N200.000 billion. The gross statutory revenue of N1.151 trillion for January surpassed the N875.382 billion received in December 2023 by N276.426 billion.

As for VAT, the gross revenue available was N420.733 billion, down from N492.506 billion in December 2023 by N71.773 billion. From the total distributable revenue, the Federal Government received N407.267 billion, state governments received N379.407 billion, and LGCs received N278.041 billion. Additionally, N85.101 billion (13% of mineral revenue) was distributed to the benefiting states as derivation revenue.

In detail, from the distributable statutory revenue, the Federal Government received N216.757 billion, state governments received N109.942 billion, and LGCs received N84.761 billion. N51.619 billion (13% of mineral revenue) was shared among the benefiting states as derivation revenue. Furthermore, from the VAT revenue, the Federal Government received N58.768 billion, state governments received N195.894 billion, and LGCs received N137.125 billion.

The breakdown of the EMTL allocation is as follows: the Federal Government received N2.388 billion, state governments received N7.961 billion, and LGCs received N5.573 billion. From the Exchange Difference revenue of N 279.028 billion, the Federal Government received N129.354 billion, state governments received N65.610 billion, and LGCs received N50.582 billion. The sum of N33.482 billion (13% of mineral revenue) was also shared among the benefiting states as derivation revenue.

Notably, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties increased significantly in January, while VAT, Export Duty, EMTL, and CET Levies decreased. The balance in the Excess Crude Account was 473.754 million dollars.