The Federation Account Allocation Committee (FAAC) announced that it disbursed N1.14 trillion among the three tiers of government in January 2024, reflecting a N22 billion increase compared to December 2023.
Chaired by Wale Edun, Minister of Finance, and Coordinating Minister of the Economy, the committee revealed the breakdown, including statutory revenue, value-added tax (VAT), electronic money transfer levy (EMTL) revenue, and exchange difference revenue. The gross statutory revenue for January was N1.15 trillion, indicating a significant rise from December 2023.
The federal government received N407.26 billion, states got N379.40 billion, and local governments received N278.04 billion from the total distributable revenue. Mineral revenue and VAT were also shared, with an update on the excess crude account balance remaining at $473.754 million.
