On January 17, 2025, the Federation Account Allocation Committee (FAAC) announced the distribution of N1.424 trillion to the Federal Government, states, and Local Government Councils, derived from December 2024 revenue.
The allocation was detailed in a communiqué issued during the January 2025 FAAC meeting in Abuja. The total distributable revenue included N386.124 billion in statutory revenue, N604.872 billion from Value Added Tax (VAT), N31.211 billion from the Electronic Money Transfer Levy (EMTL), and N402.714 billion from Exchange Difference revenue.
FAAC reported that the gross revenue for December 2024 reached N2.310 trillion, with deductions for collection costs amounting to N84.780 billion and total transfers, interventions, and refunds at N801.175 billion.
For December 2024, gross statutory revenue was recorded at N1.226 trillion, a decrease of N600.988 billion from November 2024's N1.827 trillion. VAT revenue increased slightly to N649.561 billion, up by N20.588 billion from November 2024.
Of the N1.424 trillion distributed, the Federal Government received N451.193 billion, state governments received N498.498 billion, and Local Government Councils received N361.754 billion. Additionally, N113.477 billion, representing 13% of mineral revenue, was allocated to benefiting states as derivation revenue.
From the statutory revenue of N386.124 billion, the Federal Government received N167.690 billion, state governments received N85.055 billion, and Local Government Councils received N65.574 billion.
In terms of VAT, the Federal Government received N90.731 billion, state governments received N302.436 billion, and Local Government Councils received N211.705 billion. The Federal Government collected N4.682 billion from the EMTL, with state governments receiving N15.605 billion and Local Government Councils receiving N10.924 billion.
From the N402.714 billion in Exchange Difference revenue, the Federal Government received N188.090 billion, state governments received N95.402 billion, and Local Government Councils received N73.551 billion. An additional N45.671 billion was shared with benefiting states as derivation revenue.
While VAT and EMTL revenues increased, collections from Oil and Gas royalties, CET levies, excise duty, import duty, petroleum profit tax, and companies income tax saw significant declines.