The Federal Account Allocation Committee (FAAC) has distributed a total of N1.678 trillion as revenue for February 2025 to the three tiers – federal government, state, and the 779 local government councils.
This was disclosed in a statement by the Director of Press and Public Relations, Mr. Bawa Mokwa, on Saturday.
Persecondnews reports that the revenue was shared at the March 2025 FAAC meeting held in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The meeting was also attended by the new Accountant General of the Federation, Mr. Shamseldeen Ogunjimi, and states’ accountants-general as well as commissioners for finance.
The total distributable revenue of N1.678 trillion comprised various components, including distributable statutory revenue of N827.633 billion, distributable 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 Augmentation of N178 billion.
A communiqué issued by FAAC revealed that the total gross revenue of N2.344 trillion was available in February 2025.
However, deductions for cost of collection, transfers, interventions, refunds, and savings reduced the distributable revenue to N1.678 trillion.
The Federal Government received N569.656 billion, while the State Governments received N562.195 billion. The Local Government Councils got N410.559 billion, and N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Notably, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) increased significantly in February 2025, while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded decreases.
Leave a comment