FAAC Shares N1.149tn Monthly Allocation to Fg, States, LGAs

According to recent reports, the Federation Account Allocation Committee (FAAC) yesterday shared a total sum of N1.149 trillion (N1,149.816 trillion) as January 2024 Federation Account Revenue to the three tiers of government. The amount shared was less than the gross statutory revenue of N1,151.808 trillion received for the month of January 2024, and also higher than the sum of N875.382 billion received in the month of December 2023 by N 276.426 billion. Citing a communique issued at the end meeting presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, a statement from the Office of the Accountant General of the Federation explained that the total distributable revenue shared for the month of January comprised distributable statutory revenue of N463.079 billion, distributable 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 communique stated that from the N1,149.816 billion total distributable revenue, the Federal Government received a total of N407.267 billion, the state governments received N379.407 billion and the local governments received N278.041 billion.