During its December 2024 meeting in Abuja, the Federation Account Allocation Committee (FAAC) allocated ₦1.424 trillion in revenue to the Federal Government, states, and local government areas, according to a statement from Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF).
The distributed revenue comprised ₦386.124 billion from statutory allocations, ₦604.872 billion from Value Added Tax (VAT), ₦31.211 billion from the Electronic Money Transfer Levy (EMTL), and ₦402.714 billion from Exchange Differences.
The overall gross revenue for December 2024 totaled ₦2.310 trillion, with deductions of ₦84.780 billion for collection costs and ₦801.175 billion for transfers, interventions, and refunds.
The communiqué revealed that gross statutory revenue collected in December stood at ₦1.226 trillion, reflecting a significant decrease of ₦600.988 billion compared to the ₦1.827 trillion reported in November. Meanwhile, VAT collections saw an uptick, generating ₦649.561 billion—₦20.588 billion higher than the previous month.
This allocation underscores FAAC's ongoing commitment to equitable revenue sharing across Nigeria’s tiers of government, despite fluctuations in revenue generation.
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