The Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.15 trillion in revenue to the three tiers of government in February 2024, marking an N20 billion increase (1.77%) from the N1.13 trillion allocated in January 2024.
This increase reflects a positive shift in the nation’s revenue streams, as detailed by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, in a statement on Wednesday.
In a detailed financial landscape, January’s allocation encapsulates a broad spectrum of revenue sources, including gross statutory revenue, Value Added Tax (VAT), Companies Income Tax (CIT), enhancements from Forex and Non-oil Mineral Revenue, and the electronic money transfer levy (EMTL), among others.
The total revenue available in January 2024 was a robust N2.068 trillion, from which deductions for collection costs, transfers, interventions, refunds, and savings were made, totalling N918.338 billion.
The statement read:
On how the amount was shared among the federal, state, and local governments, the statement read:
The tax landscape in January 2024 showed a significant rise in Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT), and Oil and Gas Royalties.
Conversely, VAT, Export Duty, EMTL, and CET Levies witnessed considerable declines. This mixed performance highlights the evolving nature of Nigeria’s revenue generation capabilities and the impact of global and local economic dynamics on tax collections.
The balance in the Excess Crude Account (ECA) stayed at $473,754.57.
The meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, not only underscores the government’s financial health but also its strategic approach towards ensuring a balanced distribution of resources to foster national development.
