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FAAC: FG, States, LGs Share ₦1.149 Trillion for January 2024

In January 2024, a total revenue of ₦2.068 trillion flowed into the Federation Account, including ₦78.412 billion for collection costs, ₦639.926 billion for transfers, interventions, and refunds, and ₦200.000 billion in savings.

After deductions, the Federation Account Allocation Committee (FAAC) allocated ₦1.149 trillion from January 2024’s revenue to the Federal Government, States, and Local Government Councils.

The federal government saved ₦919 billion in a special account established after the end of the fuel subsidy, announced by President Bola Ahmed Tinubu in May 2023.

The Excess Crude Account (ECA) balance remains at $473,754.57.

According to Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), the revenue was distributed during the February 2024 FAAC meeting chaired by Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

Mokwa explained that the ₦1.149 trillion distributable revenue comprised ₦463.079 billion in statutory revenue, ₦391.787 billion in Value Added Tax (VAT) revenue, ₦15.922 billion in Electronic Money Transfer Levy (EMTL) revenue, and ₦279.028 billion in Exchange Difference revenue.

He noted that the favorable exchange rate movements in January 2024 resulted in a boost of ₦279.028 billion to the federation account, attributing it to the decline of the Naira against the dollar.

The gross statutory revenue for January 2024 stood at ₦1.151 trillion, an increase of ₦276.426 billion compared to December 2023.

However, VAT revenue decreased to ₦420.733 billion in January 2024, down by ₦71.773 billion from December 2023.

From the total distributable revenue, the Federal Government received ₦407.267 billion, State Governments received ₦379.407 billion, and Local Government Councils received ₦278.041 billion.