FG, States, LGs Share ₦1.7tn FAAC Revenue In February
The Federal, State, and Local Governments shared approximately N1.678 trillion in revenue allocated by the Federation Account Allocation Committee (FAAC) for February 2025.
A statement issued on Saturday by the Director of Press and Public Relations, Bawa Mokwa, confirmed that the revenue distribution took place at the March 2025 FAAC meeting in Abuja. The session was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, with the Accountant General of the Federation, Shamseldeen Ogunjimi, in attendance.
The total distributable revenue comprised:
- Statutory revenue: N827.633 billion
- Value Added Tax (VAT): N609.430 billion
- Electronic Money Transfer Levy (EMTL): N35.171 billion
- Solid Minerals revenue: N28.218 billion
- Augmentation: N178 billion
According to the FAAC communiqué, the total gross revenue for February 2025 stood at N2.344 trillion. Deductions for the cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings totaled N577.097 billion.
The gross statutory revenue for February 2025 was N1.653 trillion, marking a decline of N194.664 billion from the N1.848 trillion received in January 2025. VAT revenue also dropped from N771.886 billion in January to N654.456 billion in February, a decrease of N117.430 billion.
From the total distributable revenue:
- Federal Government: N569.656 billion
- State Governments: N562.195 billion
- Local Government Councils: N410.559 billion
- Derivation revenue (13% of mineral revenue): N136.042 billion to benefiting States
Further breakdowns included:
- From N827.633 billion statutory revenue: FG received N366.262 billion, States N185.773 billion, LGs N143.223 billion, and derivation States N132.374 billion.
- From N609.430 billion VAT revenue: FG received N91.415 billion, States N304.715 billion, and LGs N213.301 billion.
- From N35.171 billion EMTL revenue: FG received N5.276 billion, States N17.585 billion, and LGs N12.310 billion.
- From N28.218 billion Solid Minerals revenue: FG received N12.933 billion, States N6.560 billion, LGs N5.057 billion, and derivation States N3.668 billion.
- From N178 billion Augmentation:
FG received N93.770 billion, States N47.562 billion, and LGs N36.668 billion.
The communiqué also noted significant increases in Oil and Gas Royalty and EMTL revenue, while VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded declines.
3/22/2025, 1:06:07 PM
views 1263
124