The Federal revenue ,N1.149 trillion, was shared by the Federal allocation Commitee (FAAC) to Federal Government, state and Local Government council (LGC) for January.
According to a communique Issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion. The revenue was shared at the February meeting of FAAC chaired by the minister of Finance and coordination Minister for the economy, Wale Edun.
The revenue also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion. The total revenue of N2,068 trillion was available in January 2024. According to the communique, the total deductions for the cost of collection is N78.412 billion, total transfers, interventions and refunds is N639.926 billion and savings is N200.000 billion.
The communique said the gross statutory revenue of N1,151 trillion was received for January. ”This is higher than the sum of N875.382 billion received in December 2023 by N276.426 billion,” the communique said.
It said that the gross revenue from VAT was N420.733 billion, which was lower than the N492.506 billion available in December 2023 by N71.773 billion. The communique said that from the N1,149 trillion total distributable revenue, the Federal Government received N407.267 billion, the state governments received N379.407 billion and the LGCs received N278.041 billion.
“The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue, the state governments received N65.610 billion, and the LGCs received N50.582 billion.
“The sum of N33.482 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
According to the communique, in January, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL and CET Levies decreased considerably.