About N1.7 trillion in revenue by the Federal Account Allocation Committee (FAAC) has been shared by the federal, state and local governments in February 2025.
A statement issued on Saturday by the Director of Press and Public Relations, Bawa Mokwa, revealed that a total of N1.678 trillion was distributed in March 2025 during the Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The N1.678 trillion in distributable revenue included N827.633 billion in statutory revenue, N609.430 billion in Value Added Tax (VAT) revenue, N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion from solid minerals revenue, and N178 billion in augmentation.
According to the communiqué from the Federation Account Allocation Committee (FAAC), a total gross revenue of N2.344 trillion was available for February 2025. After deducting N89.092 billion for the cost of collection and N577.097 billion for transfers, interventions, refunds, and savings, the available revenue for distribution was N1.678 trillion.
The communiqué also indicated that the gross statutory revenue for February 2025 was N1.653 trillion, a decrease of N194.664 billion compared to the N1.848 trillion received in January 2025.
In February 2025, N654.456 billion was generated from VAT revenue, which was lower by N117.430 billion compared to N771.886 billion from January 2025.
The total distributable revenue of N1.678 trillion was shared as follows: the Federal Government received N569.656 billion, the State Governments received N562.195 billion, and the Local Government Councils received N410.559 billion. Additionally, N136.042 billion (13% of mineral revenue) was distributed to the benefiting states as derivation revenue.
Of the N827.633 billion in distributable statutory revenue, the Federal Government received N366.262 billion, the State Governments received N185.773 billion, and the Local Government Councils received N143.223 billion. A total of N132.374 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N609.430 billion in VAT revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion, and the Local Government Councils received N213.301 billion.
The Federal Government received N5.276 billion from the N35.171 billion generated by the Electronic Money Transfer Levy (EMTL), while the State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion in Solid Minerals revenue, the Federal Government received N12.933 billion, the State Governments received N6.560 billion, and the Local Government Councils received N5.057 billion. An additional N3.668 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
Finally, the N178 billion in Augmentation was shared as follows: the Federal Government received N93.770 billion, the State Governments received N47.562 billion, and the Local Government Councils received N36.668 billion.
In February 2025, there was a notable increase in Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), while there were declines in Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies.
