The Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) have increased significantly in the revenue generated in December when compared to November last year.

Data from a communique released. by the Office of the Accountant General of the Federation, after the January 2025 meeting of the Federation Account Allocation Committee (FAAC)shows that N649.561 billion was generated from the Value Added Tax (VAT) in December 2024. This was higher than the N628.973 billion available in the month of November 2024 by N20.588 billion.

On the other hand, N31.211 billion was realized from Electronic Money Transfer Levy (EMTL) in December 2024 which is higher than N17.11 billion generated in November last year. This shows a N14.1 billion increase.

This increase recorded is against the regular do-wells like Oil and Gas Royalty, CET Levies, Excise Duty, Import Duty, Petroleum Profit Tax(PPT) and Companies Income Tax (CIT) decreased considerably.

Meanwhile, a total sum of N 1.424 trillion, being December 2024 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.

The N1.424 trillion total distributable revenue comprised distributable statutory revenue of N386.124 billion, distributable Value Added Tax (VAT) revenue of N604.872 billion, Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.

The communiqué shows that a total gross revenue of N2.310 trillion was available in the month of December 2024, while the cost of collection was N84.780 billion and total transfers, interventions and refunds was N801.175 billion.

The communiqué stated that from the N1.424 trillion total distributable revenue, the Federal Government received a total sum of N451.193 billion and the State Governments received a total sum of N498.498 billion.

The Local Government Councils received a total sum of N361.754 billion and a total sum of N113.477 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N386.124 billion distributable statutory revenue, the communiqué stated that the Federal Government received N167.690 billion and the State Governments received N85.055 billion.

The Local Government Councils received N65.574 billion and the sum of N67.806 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.