The Federation Account Allocation Committee (FAAC) reported on Thursday that a total sum of N 1.703 trillion was shared to the Federal Government, States and the Local Government Councils out of the January 2025 federation account revenue of the month.
The committee, in a statement indicated that the revenue was shared at the February 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
It clarified that the N1.703 trillion total distributable revenue comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax (VAT) revenue of N718.781 billion, Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion and Augmentation of N214 billion.
A communiqué issued by the FAAC showed 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.
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According to the communiqué, gross statutory revenue of N1.848 trillion was received for the month of January 2025. This was higher than the sum of N1.226 trillion received in the month of December 2024 by N622.125 billion.
The FAAC revealed that Gross revenue of N771.886 billion was available from the Value Added Tax (VAT) in January 2025, representing N122.325 billion higher than the N649.561 billion that was generated from the source in December 2024.
The communiqué reflected that out of the N1.703 trillion total distributable revenue, the Federal Government received total sum of N552.591 billion and the State Governments got total sum of N590.614 billion and the Local Government Councils received N434.567 billion and a total sum of N125.284 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N749.727 billion distributable statutory revenue, the communiqué stated that the Federal Government received N343.612 billion and the State Governments got N174.285 billion, the Local Government Councils received N134.366 billion and the sum of N97.464 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N718.781 billion distributable Value Added Tax (VAT) revenue, the committee reported that the Federal Government received N107.817 billion, the State Governments received N359.391 billion and the Local Government Councils received N251.573 billion.
A total sum of N3.082 billion was received by the Federal Government from the N20.548 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.192 billion and the Local Government Councils received N10.274 billion.
From the N214 billion Augmentation, the Federal Government received N98.080 billion and the State Governments got N49.747 billion and Local Government Councils received N38.353 billion while a total sum of N27.820 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
The committee disclosed that in January 2025, Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies increased significantly while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty dropped.
