The Federation Account Allocation Committee (FAAC) at the weekend reported that a total sum of N1.678 trillion was shared to the Federal Government, state governments and the local governments from the February 2025 federation account revenue.
The revenue was shared at the March 2025 Federation Account Allocation Committee’s (FAAC’s) meeting held in Abuja and which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion available in the month of February 2025 as the total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings totalled N577.097 billion.
The communiqué indicated that gross statutory revenue of N1.653 trillion was generated in February 2025, representing N194.664 billion lower than the N1.848 trillion accrual to the federation account in the preceding month.
In addition, the figures showed that N654.456 billion was collected as Value Added Tax (VAT) in the month under review, which was N117.430 billion lower than the N771.886 billion raked in from the source in January.
The communiqué showed that from the total distributable revenue of N1.678 trillion, the Federal Government got N569.656 billion and the state governments received N562.195 billion, and local governments were allocated N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
According to the FAAC figures, out of the N827.633 billion distributable statutory revenue, N366.262 billion was allocated to the Federal Government while the state governments and local governments got N185.773 billion and N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government was allocated N91.415 billion, the state governments received N304.715 billion and the local governments got N213.301 billion.
A total sum of N5.276 billion was allocated to the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL) compared to the state governments and local governments’ N17.585 billion and N12.310 billion respectively.
Out of the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments got N6.560 billion while N5.057 billion was allocated to the local governments
In February, a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
In addition, the Federal Government got N93.770 billion, the state governments received N47.562 billion and the local governments got N36.668 billion from the Augmentation of N178 billion shared in the month.
In the month under review, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) increased while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies declined.
