The distribution of revenue took place during the Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, made this announcement in a statement released on Friday.
The total distributable revenue, amounting to ₦1.424 trillion, includes ₦386.124 billion from statutory distributions, ₦604.872 billion from Value Added Tax (VAT), ₦31.211 billion from the Electronic Money Transfer Levy (EMTL), and ₦402.714 billion from Exchange Differences.
In December 2024, the overall gross revenue amounted to ₦2.310 trillion. From this, a total of ₦84.780 billion was deducted for collection costs, and an additional ₦801.175 billion was allocated for transfers, interventions, and refunds.
The communiqué indicates that the gross statutory revenue collected for December 2024 amounted to ₦1.226 trillion. This figure represents a decrease of ₦600.988 billion compared to the ₦1.827 trillion received in November 2024.
In December 2024, the Value Added Tax (VAT) generated a gross revenue of ₦649.561 billion. This amount exceeded the ₦628.973 billion reported in November 2024 by ₦20.588 billion.
