FAAC: Federal, state, local governments share N1.703 trillion as revenue

The Nigerian government shared a total sum of N1.703 trillion as revenue for January 2025 from the Federation Account to the Federal Government, states, and local government councils.

This revenue allocation was made known at the February 2025 Federation Account Allocation Committee, FAAC, meeting held in Abuja, according to a communiqué issued by FAAC.

The N1.703 trillion total distributable revenue comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax, VAT, revenue of N718.781 billion, Electronic Money Transfer Levy, EMTL, revenue of N20.548 billion, and an augmentation of N214 billion.

Accordingly, the total gross revenue of N2.641 trillion was available in January 2025. Total deductions for the cost of collection were N107.786 billion, while total transfers, interventions, refunds, and savings amounted to N830.663 billion.

According to the communiqué, gross statutory revenue of N1.848 trillion was received for January 2025. This was higher than the N1.226 trillion received in December 2024 by N622.125 billion.

Gross revenue of N771.886 billion was available from Value Added Tax (VAT) in January 2025. This was higher than the N649.561 billion recorded in December 2024 by N122.325 billion.

The communiqué stated that from the N1.703 trillion total distributable revenue, the Federal Government received N552.591 billion, and the state governments received N590.614 billion.

The local government councils received N434.567 billion, and a total sum of N125.284 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

On the N749.727 billion distributable statutory revenue, the communiqué stated that the Federal Government received N343.612 billion, and the state governments received N174.285 billion.

The local government councils received N134.366 billion, and the sum of N97.464 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N718.781 billion distributable Value Added Tax, VAT, revenue, the Federal Government received N107.817 billion, the state governments received N359.391 billion, and the local government councils received N251.573 billion.

A total sum of N3.082 billion was received by the Federal Government from the N20.548 billion Electronic Money Transfer Levy, EMTL. The state governments received N7.192 billion, and the local government councils received N10.274 billion.

From the N214 billion augmentation, the Federal Government received N98.080 billion, and the state governments received N49.747 billion.

The local government councils received N38.353 billion, and a total sum of N27.820 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

In January 2025, Value Added Tax, VAT, Petroleum Profit Tax, PPT, Companies Income Tax, CIT, Excise Duty, Import Duty, and CET Levies increased significantly, while Electronic Money Transfer Levy, EMTL, and Oil and Gas Royalty decreased considerably.