Abuja, Jan. 18, 2025 – The Federal Accounts Allocation Committee (FAAC) has shared N1.424 trillion among the federal government, states and local governments from the December 2024 federation account revenue.
Bawa Mokwa, the Spokesman for the Office of the Accountant General of the Federation, disclosed this in a statement on Friday.
He said the money was shared during the January meeting of FAAC in Abuja.
A communiqué issued at the end of meeting indicated that the total gross revenue for December 2024 was N2.310 trillion.
It said the total deductions for the cost of collection amounted to N84.780 billion, while total transfers, interventions, and refunds stood at N801.175 billion.
The communique said the Federal Government received N451.193 billion, while the state governments rececved N498.498 billion.
The local government Councils received N361.754 billion, while N113.477 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue. (GBN)
