A total sum of N 1.703 trillion, being January 2025 federation account revenue, has been shared to the federal, State and local governments in the country by the Federation Account Allocation Committee (FAAC).
The outcome of the FAAC meeting was announced after a similar meeting for sharing of the statutory revenues was deadlocked last week over alleged discrepancies in the funds that were remitted by the Nigerian National Petroleum Company Limited (NNPCL).
The revenue was shared at the February 2025 FAAC meeting held in Abuja.
The N1.703trn total distributable revenue comprised distributable statutory revenue of N749.727bn, distributable Value Added Tax (VAT) revenue of N718.781bn, electronic money transfer levy revenue of N20.548bn and augmentation of N214bn.
A communiqué issued by FAAC on Thursday stated that total gross revenue of N2.641trn was available in January 2025. The total deduction for the cost of collection was N107.786bn while total transfers, interventions, refunds and savings was N830.663bn.
According to a statement that was issued by the director of information in the office of the Accountant-general of the Federation, Bawa Mokwa, gross statutory revenue of N1.848trn on was received for January 2025. This was higher than the sum of N1.226 trillion received in December 2024 by N622.125bn.
Gross revenue of N771.886bn was available from the Value Added Tax (VAT) in January 2025. This was higher than the N649.561bn available in December 2024 by N122.325bn.
The communiqué stated that from the N1.703trn total distributable revenue, the federal government received total sum of N552.591bn and the state governments received a total sum of N590.614bn.
The LGAs received total sum of N434.567bn and a total sum of N125.284bn (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 N343.612bn and the state governments received N174.285 billion.
The local government areas received N134.366bn and the sum of N97.464bn (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N718.781 billion distributable VAT revenue, FG got N107.817bn, states: N359.391bn while LGAs received N251.573bn.
A total sum of N3.082bn was received by the federal government from the N20.548bn revenue from electronic transfer levies, with states taking N7.192bn, local government areas: N10.274bn.
From the N214bn augmentation, FG received N98.080bn; 36 states: N49.747 billion. The LGAs got N38.353bn as their share of the money transfer levies, while the total sum of N27.820bn was shared with the specific states as (13% of mineral revenue) derivation revenue.
