•Naira notes
The Federation Account Allocation Committee (FAAC) today shared a record N2.001 trillion from the July 2025 Federation Account Revenue to the three tiers of government, making it the highest monthly allocation so far this year.
The allocation was confirmed at the August 2025 FAAC meeting held in Abuja, where officials disclosed that the revenue pool for the month was drawn from multiple statutory sources, including Value Added Tax (VAT), the Electronic Money Transfer Levy (EMTL), and exchange gains, reports The Nation.
According to a statement issued by the Director of Press and Public Relations in the Office of the Accountant General (OAGF), Mr. Bawa Mokwa, the distributable revenue consisted of N1.282 trillion statutory revenue, N640.610 billion from VAT, N37.601 billion from EMTL, and N39.745 billion from exchange difference.
Mokwa explained that the total gross revenue available in July stood at N3.836 trillion, from which N152.681 billion was deducted for the cost of collection, while transfers, interventions, refunds and savings accounted for N1.683 trillion.
“Gross statutory revenue for July was N3.070 trillion, which is lower by N415.108 billion compared with the N3.485 trillion received in June. On the other hand, gross VAT revenue rose to N687.940 billion in July, higher than the N678.165 billion recorded in June by N9.775 billion,” the communiqué noted.
From the total distributable revenue of N2.001 trillion, the Federal Government received N735.081 billion, State Governments got N660.349 billion, and Local Government Councils shared N485.039 billion. The sum of N120.359 billion, representing 13 percent of mineral revenue, was allocated to oil-producing states as derivation.
Breaking down the statutory revenue of N1.282 trillion, the Federal Government took N613.805 billion, States N311.330 billion, Local Governments N240.023 billion, while N117.714 billion went to the oil-producing states as derivation.
From the N640.610 billion distributable VAT revenue, the Federal Government received N96.092 billion, the States N320.305 billion, and the Local Governments N224.214 billion.
The EMTL revenue of N37.601 billion was shared with the Federal Government receiving N5.640 billion, States N18.801 billion, and Local Governments N13.160 billion. Similarly, from the N39.745 billion exchange difference, the Federal Government received N19.544 billion, the States N9.913 billion, Local Governments N7.643 billion, while N2.643 billion was shared as derivation.
The communiqué further disclosed that Petroleum Profit Tax (PPT), Oil and Gas Royalty, EMTL, and Excise Duty recorded significant increases during the month.
VAT and Import Duty rose marginally, while Companies Income Tax (CIT) and CET Levies declined.
