The total revenue accrued to the coffers of the government increased to N2.07trn in January 2024 out of which N1.15trn was disbursed to the Federal Government, states, and local government areas, the Federation Allocation Accounts Committee disclosed on Thursday.
FAAC, in a communique issued at the end of its monthly meeting in Abuja, said the revenue was shared to meet the needs of the subnational governments.
According to a press release by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the amount shared is N29bn less than the N1.44trn disbursed in January 2023.
The communique said the N1.45trn total distributable revenue comprised distributable statutory revenue of N463.1bn, distributable Value Added Tax revenue of N391.8bn, Electronic Money Transfer Levy revenue of N15.9bn and Exchange Difference revenue of N279.03bn.
It also added that a total revenue of N2.07trn was available in the month of January 2024 while N200bn was kept as savings.
“Total deductions for the cost of collection was N78.4bn, total transfers, interventions, and refunds was N640bn and savings was N200bn.
“Gross statutory revenue of N1.15trn was received for the month of January 2024. This was higher than the sum of N875bn received in the month of December 2023 by N276bn,” the communique read.
The communique further stated that from the N1.15trn total distributable revenue, the Federal Government received a total of N407.267 bn, the state governments received N379.407 bn and the local governments received N278.041bn.
