The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.703 trillion January 2025 revenue between the Federal Government, states, and local government Councils.
The revenue was shared at the February 2025 FAAC meeting held in Abuja, according to a statement on Thursday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa.
Meanwhile, a communiqué from the FAAC meeting said that the ₦1.703 trillion total revenue comprised statutory revenue of ₦749.727 billion, and Value Added Tax revenue of ₦718.781 billion.
It also comprised Electronic Money Transfer Levy revenue of ₦20.548 billion and Augmentation of ₦214 billion.
The communiqué indicated that a total gross revenue of ₦2.641 trillion was available in January 2025.
It said that the total deduction for the cost of collection was ₦107.786 billion while total transfers, interventions, and refunds were N830.663 billion.
“Gross statutory revenue of ₦1.848 trillion was received for the month of January 2025. This was higher than the sum of ₦1.226 trillion received in the month of December 2024 by ₦622.125 billion,” the statement read.
“Gross revenue of ₦771.886 billion was available from the Value Added Tax (VAT) in January 2025. This was higher than the ₦649.561 billion available in the month of December 2024 by ₦122.325 billion.”
The communiqué said that from the N1.703 trillion total distributable revenue, the Federal Government received the total sum of N552.591 billion, while the state governments received the sum of N590.614 billion.
It said that the LGCs received ₦434.567 billion, and a total sum of ₦125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“On the N749.727 billion distributable statutory revenue, 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% of mineral revenue) was shared to 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% of mineral revenue) was shared to 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.”
