In January 2024, the total revenue accruing to the government’s coffers reached N2.07 trillion, with N1.15 trillion disbursed to the Federal Government, states, and local government areas, as disclosed by the Federation Allocation Accounts Committee (FAAC) on Thursday.

FAAC, in its communiqué issued at the conclusion of its monthly meeting in Abuja, stated that the revenue was allocated to address the needs of subnational governments.

According to a press release from the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, the amount disbursed is N29 billion less than the N1.44 trillion allocated in January 2023.

The communiqué outlined that the total distributable revenue of N1.45 trillion comprised distributable statutory revenue of N463.1 billion, distributable Value Added Tax (VAT) revenue of N391.8 billion, Electronic Money Transfer Levy revenue of N15.9 billion, and Exchange Difference revenue of N279.03 billion.

Furthermore, it noted that out of the N2.07 trillion total revenue available in January 2024, N200 billion was retained as savings.

“Deductions for the cost of collection totaled N78.4 billion, while total transfers, interventions, and refunds amounted to N640 billion, with savings at N200 billion.

“Gross statutory revenue of N1.15 trillion was received for January 2024, reflecting an increase of N276 billion compared to the N875 billion received in December 2023,” the communiqué read.

It further detailed that from the N1.15 trillion total distributable revenue, the Federal Government received N407.267 billion, state governments received N379.407 billion, and local governments received N278.041 billion.

Moreover, VAT collection decreased by N71.7 billion to N420.7 billion at the end of the month.

The statement continued, “The gross revenue available from Value Added Tax in January 2024 was N420.733 billion, down from the N492.506 billion available in December 2023 by N71.773 billion.

“Out of the total distributable revenue of N1.149 trillion, the Federal Government received N407.267 billion, state governments received N379.407 billion, and local government councils received N278.041 billion.

“A total of N85.101 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“From the distributable statutory revenue of N463.079 billion, the Federal Government received N216.757 billion, state governments received N109.942 billion, and local government councils received N84.761 billion. Additionally, N51.619 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“The Federal Government received N58.768 billion, state governments received N195.894 billion, and local government councils received N137.125 billion from the distributable Value Added Tax revenue of N391.787 billion.”

Furthermore, the N15.922 billion Electronic Money Transfer Levy was distributed as follows: the Federal Government received N2.388 billion, state governments received N7.961 billion, and local governments received N5.573 billion.

“The Federal Government received N129.354 billion from the N279.028 billion Exchange Difference revenue. State governments received N65.610 billion, and local government councils received N50.582 billion. Additionally, N33.482 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“In 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 Excess Crude Account (ECA) stood at $473,754.57,” the statement concluded.