FAAC Allocates N1.15 Trillion to Federal, State, and Local Governments

The Federation Allocation Accounts Committee (FAAC) has shared a total sum of N1.15 trillion among the Federal Government, states, and Local Government Councils.

FAAC revealed on Thursday that the total revenue collected by the government in January 2024 increased to N2.07 trillion.

Out of the total amount disbursed, the Federal Government received N407.267 billion, while state and local governments received N379.407 billion and N278.041 billion respectively..

It added that VAT collection was reduced by N71.7 billion to N420.7 billion in the month ending.

FAAC, in a communiqué issued at the end of its monthly meeting in Abuja, also said the revenue was shared to meet the needs of the sub-national governments.

The communiqué, which was issued by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed that the amount shared is N29 billion less than the N1.44 trillion disbursed in January, 2023.

It noted that a total revenue of N2.07 trillion was available in the month of January, 2024, while N200 billion was kept as savings.

In January 2024, there was a significant increase in Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties, while Value Added Tax, Export Duty, Electronic Money Transfer Levy, and CET Levies decreased considerably..