FAAC: FG, states, LGs share N1.703 trillion as January 2025 revenue

• The federal, states, and local governments shared a total of N1.703 trillion as January 2025 Federation Account revenue
• The amount is an increase of N279 billion from the N1.424 trillion shared in December 2024
• The Federal Government received N552.591 billion, state governments were allocated N590.614 billion, and the Local Government Councils received N434.567 billion

The federal government, states, and local government councils have shared a total of N1.703 trillion as Federation Account revenue for January 2025.

The amount represents a 19.6 per cent or N279 billion increase from the N1.424 trillion shared from December 2024 revenue.

This was contained in a press release by the Director (Press and Public Relations) at the Office of the Accountant General of the Federation, Bawa Mokwa, on Thursday, February 27.

It added that the N1.703 trillion total distributable revenue comprises N749.727 billion in statutory revenue, N718.781 billion in Value Added Tax revenue, N20.548 billion from the Electronic Money Transfer Levy (EMTL), and N214 billion in augmentation.

The statement, based on a communiqué issued by the Federation Account Allocation Committee (FAAC) after its monthly meeting, noted that the total gross revenue for January 2025 rose to N2.641 trillion from N2.310 trillion as December 2024 gross revenue.

“A communiqué́ issued by the Federation Account Allocation Committee stated that total gross revenue of N2.641 trillion was available in the month of January 2025.

“Total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion,” the statement read.

How January revenue was shared among FG, states, and LGs

The statement further noted that the Federal Government received N552.591 billion, state governments were allocated N590.614 billion, and the Local Government Councils received N434.567 billion.

It stated that an additional N125.284 billion (13 per cent of mineral revenue) was shared with benefiting states as derivation revenue.

The statement added that the gross statutory revenue for January 2025 stood at N1.848 trillion, a N622.125 billion increase from the N1.226 trillion recorded in December 2024.

Gross Value-Added Tax (VAT) revenue for January 2025 was N771.886 billion, an increase of N122.325 billion from the N649.561 billion recorded in December.

According to the statement, from the statutory revenue of N749.727 billion, the Federal Government received N343.612 billion, state governments received N174.285 billion, and the Local Government Councils received N134.366 billion.

Also, N97.464 billion, which is 13 per cent of mineral revenue, was allocated to states benefiting from derivation revenue.

From the N718.781 billion VAT revenue, the Federal Government received N107.817 billion, state governments were allocated N359.391 billion, and Local Government Councils received N251.573 billion.

The Federal Government received N3.082 billion from the N20.548 billion EMTL revenue, state governments received N7.192 billion, and Local Government Councils received N10.274 billion.

From the N214 billion augmentation, the Federal Government received N98.080 billion, state governments received N49.747 billion, and Local Government Councils received N38.353 billion.

The 13 per cent of mineral revenue of N27.820 billion was allocated to the benefiting states as derivation revenue.

The communiqué also noted that collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies increased, while there was a significant decrease in EMTL and Oil and Gas Royalty receipts.

FAAC postpones February meeting indefinitely

Meanwhile, TheRadar earlier reported that the Federation Account Allocation Committee (FAAC) announced the indefinite postponement of its February 2025 meeting.

This was disclosed by FAAC Secretary, Ali Mohammed, in a statement to FAAC members on Thursday, February 20.