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FAAC: FG, States, LGs Share N1.15trn For January
The total revenue accrued to the coffers of the government increased to N2.07trn in January 2024 out of which N1.15trn was disbursed to the Federal Government, states, and local government areas, the Federation Allocation Accounts Committee disclosed on Thursday.
FAAC, in a communique issued at the end of its monthly meeting in Abuja, said the revenue was shared to meet the needs of the subnational governments.
According to a press release by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, the amount shared is N29bn less than the N1.44trn disbursed in January 2023.
The communique said the N1.45trn total distributable revenue comprised distributable statutory revenue of N463.1bn, distributable Value Added Tax revenue of N391.8bn, Electronic Money Transfer Levy revenue of N15.9bn and Exchange Difference revenue of N279.03bn.
READ ALSO: FAAC Shares N1.100 Trillion To FG , States, LGs
It also added that a total revenue of N2.07trn was available in the month of January 2024 while N200bn was kept as savings.
“Total deductions for the cost of collection was N78.4bn, total transfers, interventions, and refunds was N640bn and savings was N200bn.
“Gross statutory revenue of N1.15trn was received for the month of January 2024. This was higher than the sum of N875bn received in the month of December 2023 by N276bn,” the communique read.
The communique further stated that from the N1.15trn total distributable revenue, the Federal Government received a total of N407.267 bn, the state governments received N379.407 bn and the local governments received N278.041bn.
READ ALSO: FAAC Shares N907b To FG, States, LGs
It added that VAT collection was reduced by N71.7bn to N420.7bn in the month ending.
The statement added, “The gross revenue available from the Value Added Tax in January 2024 was N420.733 billion. This was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.
“From the N1,149.816 billion total distributable revenue, the Federal Government received a total of N407.267 billion, the State Governments received N379.407 billion and the Local Government Councils received N278.041 billion.
“A total sum of N85.101 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
“From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the State Governments received N109.942 billion and the Local Government Councils received N84.761 billion. The sum of N51.619 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
READ ALSO: FG, Others Share N2.84trn In FAAC
“The Federal Government received N58.768 billion, the State Governments received N195.894 billion and the Local Government Councils received N137.125 billion from the N391.787 billion distributable Value Added Tax revenue.”
Also, the N15.922 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.388bn, the state governments received N7.961bn and the local governments received N5.573 billion.
“The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue. The State Governments received N65.610 billion, and the Local Government Councils received N50.582 billion. The sum of N33.482 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.
“In January 2024, Companies Income Tax, Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties increased significantly, while Value Added Tax, Export Duty, Electronic Money Transfer Levy, and CET Levies decreased considerably.
“The balance in the ECA was $473,754.57,” the statement concluded.
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JUST IN: Ooni Visits Olubadan-designate Ladoja In Ibadan
The Ooni of Ife, Oba Enitan Ogunwusi, on Sunday, paid a visit to the Olubadan designate, Rashidi Ladoja, at his Bodija private residence in Ibadan, Oyo State.
The PUNCH reports that Oba Ladoja will be installed as the 44th Olubadan on Friday, September 26, 2025, following the demise of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025, at the age of 90 years.
READ ALSO:Ladoja Coronation Date As 44th Olubadan Revealed
The two paramount rulers are currently exchanging pleasantries.
Details later…
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JUST IN: FG Revokes 1,263 Mineral Licenses Over Unpaid Fees
The Federal Government through the Ministry of Solid Minerals Development has announced a fresh revocation of not less than 1,263 mineral licenses.
These licenses, which will now be deleted from the Electronic Mining Cadastral System portal of the Nigerian Mining Cadastral Office, include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.
The minister of Solid Minerals Development, Dele Alake, gave the revocation announcement in a statement issued by his special assistant on Media, Segun Tomori, on Sunday in Abuja.
The minister explained that the directive was issued due to the companies’ failure to comply with the requirement of paying their annual service fees.
The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including,619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.
READ ALSO:FG Introduces Chinese Language Into School Curriculum
By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.
The statement read, “Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral system of the Nigerian Mining Cadastral Office, MCO, following their revocation by the Federal Government.
“These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.”
Approving the revocation following the recommendation of the MCO, the Minister said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.
“The era of obtaining licences and keeping them in drawers for the highest bidder, while financially capable and industrious businessmen are complaining of access to good sites, is over.
READ ALSO:FG Gives Mining Firms Deadline For Community Agreements
“The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind,” the minister said.
He warned that the revocation does not mean the Federal Government has pardoned the annual service debt owed by licensees, adding that the list will be forwarded to the Economic & Financial Crimes Commission to ensure that debtors pay or face the wrath of the law.
“This is to encourage due diligence and emphasise the consequences of inundating the license application processes with speculative activities.”
In the recommendation to the minister, the Director-General of the MCO, Simon Nkom, disclosed that there were 1,957 initial defaulters when the MCO published the intention to revoke licences in the Federal Government Gazette on June 19, 2025.
He informed the minister that the gazette was distributed to MCO offices nationwide to sensitise licencees and encourage them to comply within 30 days in compliance with the Minerals and Mining Act 2007 and relevant regulations.
READ ALSO:FG Gazettes New Tax Reform Laws
He observed that the delay in the final recommendation was due to complaints of several licensees who claimed to have paid to the Federal Government through Remita and had to be reconciled.
Earlier this month, the DG MCO had hinted that more mining licences would be revoked as part of ongoing efforts to sanitise the solid minerals sector and protect investors from fraudsters.
According to Nkom, the clean-up exercise, which covers expired, speculative, and inactive titles, is necessary to make room for genuine investors and ensure compliance with the law.
This is part of ongoing efforts at sanitising the sector since the inception of the Tinubu administration, and the salutary effects of the reforms are massive and manifest despite the attempts to push back by defaulters and their agents.
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