Gross Statutory Revenue Declined By 32%, FG, States, LGs Shared N1.4trn In December 2024
Wale Edun, finance minister
Nigeria’s Federation Account Allocation Committee (FAAC) has disclosed significant allocation of funds to the three tiers of government.
As revealed in a statement on Friday by the Finance Ministry, in December 2024, a total of N1.42 trillion was shared among the Federal, State, and Local Governments.
This allocation is a result of a gross total of N2.310 trillion, representing an increase of N300 billion compared to the N1.72 trillion distributed in November.
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The Federal Government received N451 billion, while States and Local Governments received N498 billion and N361 billion, respectively.
Additionally, oil-producing states received N113.477 billion as derivation, equivalent to 13% of mineral revenue.
READ ALSO: FG, States, LGAs Allocation Increased By N310bn In November – FAAC
The FAAC also reported a significant decline in gross statutory revenue, dropping by 32% to N1.22 billion in December.
This decrease is attributed to a decline in oil and gas royalty, CET levies, excise duty, import duty, petroleum profit tax (PPT), and companies income tax (CIT).
According to the FAAC, “From that amount, the sum of N25.982 billion was allocated for the cost of collection and the sum of N18.707 billion given for Transfers, Intervention and Refunds.”
The committee also stated that “The remaining sum of N649.561 billion was distributed to the three tiers of government, of which the Federal Government got N90.731 billion, the States received N302.436 billion and Local Government Councils got N211.705 billion.”
The allocation also included N31.2 billion from Electronic Money Transfer Levy (EMTL) and N402.7 billion from exchange difference.
Full Story: https://www.informationng.com/2025/01/gross-statutory-revenue-declined-by-32-fg-states-lgs-shared-n1-4trn-in-december-2024-faac.html
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