FAAC
FG, States, LGs Share N1.678trn Revenue in Feb. 2025
The Federal Account Allocation Committee (FAAC) distributed a total of N1.678 trillion in revenue to the federal, state, and local governments for February 2025.
A statement by Bawa Mokwa, Director of Press and Public Relations, stated this following the March 2025 FAAC meeting held in Abuja.
The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The distributable revenue of N1.678 trillion included:
– Distributable statutory revenue: N827.633 billion
– Distributable Value Added Tax (VAT) revenue: N609.430 billion
– Electronic Money Transfer Levy (EMTL) revenue: N35.171 billion
– Solid Minerals revenue: N28.218 billion
– Augmentation: N178 billion
According to the FAAC communiqué, the total gross revenue available in February 2025 was N2.344 trillion. After deducting N89.092 billion for the cost of collection and N577.097 billion for transfers, interventions, refunds, and savings, the distributable revenue was finalized.
The gross statutory revenue for February 2025 was N1.653 trillion, a decrease of N194.664 billion compared to January 2025. Similarly, VAT revenue for February stood at N654.456 billion, down by N117.430 billion from January 2025.
Revenue Allocation Breakdown:
– Federal Government: Received N569.656 billion
– State Governments: Received N562.195 billion
– Local Government Councils: Received N410.559 billion
– Derivation Revenue (13% of mineral revenue): N136.042 billion to benefiting states
Statutory Revenue Allocation:
– Federal Government: N366.262 billion
– State Governments: N185.773 billion
– Local Government Councils: N143.223 billion
– Derivation Revenue: N132.374 billion
VAT Revenue Allocation:
– Federal Government: N91.415 billion
– State Governments: N304.715 billion
– Local Government Councils: N213.301 billion
Electronic Money Transfer Levy (EMTL) Allocation:
– Federal Government: N5.276 billion
– State Governments: N17.585 billion
– Local Government Councils: N12.310 billion
Solid Minerals Revenue Allocation:
– Federal Government: N12.933 billion
– State Governments: N6.560 billion
– Local Government Councils: N5.057 billion
– Derivation Revenue: N3.668 billion
Augmentation Allocation:
– Federal Government: N93.770 billion
– State Governments: N47.562 billion
– Local Government Councils: N36.668 billion
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) saw significant increases, while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded declines.
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