The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦1.678 trillion, representing the February 2025 Federation Account Revenue, to the Federal, State, and Local Governments.
The revenue was distributed at the March 2025 FAAC meeting held in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reports Saturday Tribune.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of ₦1.678 trillion comprised distributable statutory revenue of ₦827.633 billion, distributable Value Added Tax (VAT) revenue of ₦609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦35.171 billion, Solid Minerals revenue of ₦28.218 billion, and Augmentation of ₦178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), a total gross revenue of ₦2.344 trillion was available for the month of February 2025. The total deduction for cost of collection was ₦89.092 billion, while total transfers, interventions, refunds, and savings amounted to ₦577.097 billion.
The communiqué stated that gross statutory revenue of ₦1.653 trillion was received for the month of February 2025. This was lower than the ₦1.848 trillion received in January 2025 by ₦194.664 billion.
Gross revenue of ₦654.456 billion was available from VAT in February 2025, which was lower than the ₦771.886 billion available in January 2025 by ₦117.430 billion.
The communiqué also stated that from the total distributable revenue of ₦1.678 trillion, the Federal Government received ₦569.656 billion, the State Governments received ₦562.195 billion, and the Local Government Councils received ₦410.559 billion. Additionally, a total sum of ₦136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Bawa Mokwa, Director (Press and Public Relations), said in a statement that from the ₦827.633 billion distributable statutory revenue, the Federal Government received ₦366.262 billion, the State Governments received ₦185.773 billion, and the Local Government Councils received ₦143.223 billion. Furthermore, the sum of ₦132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the ₦609.430 billion distributable VAT revenue, the Federal Government received ₦91.415 billion, the State Governments received ₦304.715 billion, and the Local Government Councils received ₦213.301 billion.
A total of ₦5.276 billion was received by the Federal Government from the ₦35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received ₦17.585 billion, and the Local Government Councils received ₦12.310 billion.
From the ₦28.218 billion Solid Minerals revenue, the Federal Government received ₦12.933 billion, and the State Governments received ₦6.560 billion. The Local Government Councils received ₦5.057 billion, and a total sum of ₦3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of ₦178 billion was shared as follows: the Federal Government received ₦93.770 billion, the State Governments received ₦47.562 billion, and the Local Government Councils received ₦36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) increased significantly, while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded decreases.
