The federal government, states, and local government councils have all received a portion of the December 2024 Federation Account Revenue, which totals N 1.424 trillion.

At the Federation Account Allocation Committee (FAAC) meeting in Abuja in January 2025, the revenue was distributed. Distributable statutory revenue (N386.124 billion), distributable Value Added Tax (VAT) revenue (N604.872 billion), Electronic Money Transfer Levy (EMTL) income (N31.211 billion), and exchange difference revenue (N402.714 billion) made up the N1.424 trillion total distributable revenue.

According to a statement released by the Federation Account Allocation Committee (FAAC), N2.310 trillion in gross revenue was available in December 2024. While the entire amount of transfers, interventions, and refunds was N801.175 billion, the total amount deducted for collection costs was N84.780 billion.

The communiqué states that N1.226 trillion in gross statutory revenue was collected in December 2024. This was N600.988 billion less than the total of N1.827 trillion received in November 2024.

The Value Added Tax (VAT) generated N649.561 billion in gross income as of December 2024. This was N20.588 billion more than the N628.973 billion that was available in November 2024.

According to the communiqué, the Federal Government received N451.193 billion and the State Governments received N498.498 billion of the N1.424 trillion total distributable revenue.

The beneficiary States earned N113.477 billion, or 13% of mineral earnings, as derivation revenue, while the Local Government Councils received a total of N361.754 billion.

According to the communiqué, the Federal Government received N167.690 billion and the State Governments received N85.055 billion of the N386.124 billion in distributable statutory revenue. N67.806 billion (13% of mineral revenue) was distributed to the benefitting States as derivation money, while N65.574 billion went to the Local Government Councils.

The Federal Government received N90.731 billion, State Governments received N302.436 billion, and Local Government Councils received N211.705 billion of the N604.872 billion in distributable Value Added Tax (VAT) revenue.

The Federal Government earned N4682 billion in total from the N31.211 billion Electronic Money Transfer Levy (EMTL). N10.924 billion went to the Local Government Councils, while N15.605 billion went to the State Governments. According to the communiqué, the Federal Government earned N188.090 billion and the State Governments collected N95.402 billion from the N402.714 billion Exchange Difference revenue.

While N45.671 billion, or 13% of mineral revenue, was distributed to the benefitting States as derivation money, N73.551 billion went to the Local Government Councils.

While the Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT) all had large decreases in December 2024, the Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) saw significant increases.