The Federation Account Allocation Committee (FAAC) says it has distributed ₦1.424 trillion across the three tiers of government in December 2024, with Electronic Money Transfer Levy (EMTL) accounting for ₦31.211 billion of government revenue.
“The total revenue distributable for the current month of December 2024, was drawn from Statutory Revenue of ₦386.124 billion, Value Added Tax (VAT) of ₦604.872 billion, ₦31.211 billion from Electronic Money Transfer Levy (EMTL), and ₦402.714 Billion from Exchange Difference, bringing the total distributable amount for the month to ₦1,424 Trillion,” FAAC says.
Federation Account Allocation Committee (FAAC).
According to, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who chaired the FAAC meeting, the revenue distribution breakdown is as follows:
The Electronic Money Transfer Levy trend
Image credit: Rilwan Oladapo of Technolgy Times
The EMTL proceeds were distributed as follows:
• Federal Government: ₦4.682 billion
• State Governments: ₦15.605 billion
• Local Government Councils: ₦10.924 billion
• Cost of Collection: ₦1.300 billion
“The total revenue distributable for the current month of December 2024, was drawn from Statutory Revenue of ₦386.124 billion, Value Added Tax (VAT) of ₦604.872 billion, ₦31.211 billion from Electronic Money Transfer Levy (EMTL), and ₦402.714 Billion from Exchange Difference, bringing the total distributable amount for the month to ₦1,424 Trillion,” FAAC says.
Revenue Breakdown
Image credit: Rilwan Oladapo of Technolgy Times
The total allocation, drawn from a gross revenue of ₦2.310 trillion, included statutory revenue, Value Added Tax (VAT), EMTL, and exchange rate gains. The distribution was shared among the three tiers of government as follows:
• Federal Government: ₦451.193 billion
• State Governments: ₦498.498 billion
• Local Government Councils: ₦361.754 billion
• Oil-Producing States (13% Derivation): ₦113.477 billion
The Minister says that the additional ₦84.780 billion was allocated for the cost of collection, while ₦801.175 billion went to transfers, interventions, and refunds.
Revenue trends
Image credit: Rilwan Oladapo of Technolgy Times
The gross VAT revenue rose to ₦649.561 billion, reflecting an increase of ₦20.588 billion from November, while statutory revenue stood at ₦1.226 trillion, marking a decline of ₦6.988 billion compared to the previous month. Exchange rate gains contributed ₦402.714 billion to the distributable revenue.
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