The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.678 trillion among the Federal Government, states, and local governments for February 2025.
This was disclosed in a communiqué issued by FAAC and shared by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, on Saturday.
The total revenue distributed included statutory revenue of N827.633 billion, Value Added Tax (VAT) revenue of N609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and an augmentation of N178 billion.
According to the communiqué, “Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.”
It further stated that the gross statutory revenue for February stood at N1.653 trillion, which was N194.664 billion lower than the N1.848 trillion recorded in January. Similarly, VAT revenue dropped to N654.456 billion in February, compared to N771.886 billion in January, a decrease of N117.430 billion.
Out of the total N1.678 trillion distributed, the Federal Government received N569.656 billion, state governments got N562.195 billion, and local governments were allocated N410.559 billion. Additionally, N136.042 billion (13% of mineral revenue) was shared with oil-producing states as derivation revenue.
Breaking down the N827.633 billion statutory revenue, the communiqué noted, “The Federal Government received N366.262 billion and the state governments received N185.773 billion. The LGs received N143.223 billion and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
From the N609.430 billion VAT revenue, the allocation was as follows, “The Federal Government received N91.415 billion, the state governments received N304.715 billion, and the LGs received N213.301 billion.”
Additionally, revenue from EMTL and Solid Minerals was allocated as follows, “A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion, and the LGs received N12.310 billion.”
“From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion. The LGs received N5.057 billion and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
The communiqué also highlighted that while Oil and Gas Royalty and EMTL revenue increased significantly, VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies recorded declines.
