The Federation Account Allocation Committee (FAAC) has disbursed a complete sum of N 1.424 trillion to federal, state and native governments. The full quantity is derived from the federation account income generated in December 2024.
The disbursement, which was made on the January 2025 Federation Account Allocation Committee (FAAC) assembly held in Abuja on Friday comprising distributable statutory income of N386.124 billion, distributable Worth Added Tax (VAT) income of N604.872 billion, Digital Cash Switch Levy (EMTL) income of N31.211 billion and Alternate Distinction income of N402.714 billion.
In line with a communiqué issued by the committee, the whole gross income of N2.310 trillion was accessible within the month of December 2024, whereas the whole deduction for price of assortment was N84.780 billion, whole transfers, interventions and refunds was N801.175 billion.
In line with the communiqué, gross statutory income of N1.226 trillion was acquired for the month of December 2024. This was decrease than the sum of N1.827 trillion acquired within the month of November 2024 by N600.988 billion.
Additionally, the gross income of N649.561 billion was accessible from the Worth Added Tax (VAT) in December 2024. This was greater than the N628.973 billion accessible within the month of November 2024 by N20.588 billion.
The communiqué acknowledged that from the N1.424 trillion whole distributable income, the federal authorities acquired whole sum of N451.193 billion whereas state governments acquired whole sum of N498.498 billion.
The native authorities councils acquired whole sum of N361.754 billion and a whole sum of N113.477 billion (13 p.c of mineral income) was shared to the benefiting states as derivation income.
On the N386.124 billion distributable statutory income, the Federal Authorities acquired N167.690 billion and the state governments acquired N85.055 billion whereas native authorities councils acquired N65.574 billion. The sum of N67.806 billion (13 p.c of mineral income) was shared to the benefiting States as derivation income.
“From the N604.872 billion distributable Worth Added Tax (VAT) income, the Federal Authorities acquired N90.731 billion, the State Governments acquired N302.436 billion and the Native Authorities Councils acquired N211.705 billion.
“A complete sum of N4.682 billion was acquired by the Federal Authorities from the N31.211 billion Digital Cash Switch Levy (EMTL). The State Governments acquired N15.605 billion and the Native Authorities Councils acquired N10.924 billion.
“From the N402.714 billion Alternate Distinction income, the communiqué acknowledged that the Federal Authorities acquired N188.090 billion and the State Governments acquired N95.402 billion. The Native Authorities Councils acquired N73.551 billion, whereas the sum of N45.671 billion (13% of mineral income) was shared to the benefiting States as derivation income,” the communique acknowledged.
