The Federation Allocation Accounts Committee (FAAC) has announced that the total revenue accruing to the Nigerian government reached N2.07 trillion in January 2024. Out of this sum, N1.15 trillion was disbursed to the Federal Government, states, and Local Government Area Councils. The information was disclosed in a communiqué issued at the end of FAAC’s monthly meeting in Abuja.
According to the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the disbursed amount represents a decrease of N29 billion compared to January 2023 when N1.44 trillion was distributed. The monthly disbursement is part of the revenue-sharing mechanism to meet the financial needs of sub-national governments.
The breakdown of the N1.45 trillion total distributable revenue includes N463.1 billion as distributable statutory revenue, N391.8 billion as distributable Value Added Tax (VAT) revenue, N15.9 billion from the Electronic Money Transfer Levy, and N279.03 billion from exchange differences.
FAAC revealed that a total revenue of N2.07 trillion was available in January 2024, with N200 billion earmarked for savings. Additionally, N78.4 billion was deducted for the cost of collection, N640 billion for transfers, interventions, and refunds, and N200 billion set aside as savings.
The gross statutory revenue for January 2024 was N1.15 trillion, reflecting a robust financial position for the government. The monthly FAAC meetings play a crucial role in ensuring the equitable distribution of revenue among the tiers of government in Nigeria.
