FG, states, LGAs share N1.15tr as revenue allocation for January

The three tiers of government on Thursday shared the sum of N1.15 trillion as revenue allocation for January.

The Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a communiqué issued at the end of the Federation Allocation Accounts Committee (FAAC) meeting in Abuja.

He said the amount was N29 billion less than the N1.44 trillion disbursed in January last year.

Mokwa added that the total distributable revenue 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.

The communiqué read: “Total deductions for the cost of collection were N78.4bn, total transfers, interventions, and refunds were N640bn and savings were N200bn.

“Gross statutory revenue of N1.15trn 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.

READ ALSO: FG, states, LGAs share N1.12tr as revenue allocation for December 2023

“The N1.15trn total distributable revenue, the Federal Government received a total of N407.267bn, the state governments received N379.407bn and the local governments received N278.041bn.

“The 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 N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.

“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 Government Councils received N278.041 billion.

“A total sum of N85.101 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.”

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