- The Federation Account Allocation Committee said its February meeting has been postponed indefinitely
- It said a new date will be communicated and the previous communiqué will be accordingly reviewed
- FAAC shared N1.424 trillion among the federal, state, and local governments as December 2024 revenue
The Federation Account Allocation Committee (FAAC) has announced the indefinite postponement of its February 2025 meeting.
This was disclosed by FAAC Secretary, Ali Mohammed, in a statement to FAAC members on Thursday, February 20.
The statement added that a new date for the meeting will be communicated, while the previous communiqué will be accordingly reviewed.
“Further to our earlier notice referenced F.12090/T/68 dated February 14, 2025 on the above subject, I am directed to inform you that the meetings of the Federation Account Allocation Committee for the month of February 2025 have been postponed.
“In view of the foregoing, I am to further inform you that a new date for the meeting will be communicated to you later, while the previous communiqué that was issued will be reviewed accordingly.
“The Ministry regrets any inconvenience the postponement may have caused and conveys the honourable Minister of Finance and Coordinating Minister of the Economy’s highest regards,” the statement read.
FAAC shared N1.424 trillion to FG, states, LGs as December 2024 revenue
Recall that during its meeting in January 2025, FAAC shared the sum of N1.424 trillion as December 2025 revenue among the Federal Government, states, and Local Government Councils.
The total distributable revenue of N1.424 trillion 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.
According to a communiqué issued by FAAC, a total gross revenue of N2.310 trillion was available in December 2024, the total deduction for cost of collection was N84.780 billion, while total transfers, interventions, and refunds was N801.175 billion.
FG says fuel subsidy removal tripled FAAC to N3.2 trillion in 2024
Meanwhile, TheRadar earlier reported that the Federal Government said the removal of the fuel subsidy by President Bola Tinubu in May 2023 tripled the revenue shared among the federal, state, and local governments, which rose from N760 billion in 2023 to N3.2 trillion in 2024.
The Special Adviser, Media & Public Affairs to the President, Sunday Dare, stated this during an interview on Arise Television on Thursday, January 16.
