A total of N1.67tn, being February 2025 Federation Account Revenue, has been shared with the Federal Government, States and Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678tn comprised distributable statutory revenue of N827.63bn, distributable value-added tax (VAT) revenue of N609.430bn, electronic money transfer levy (EMTL) revenue of N35.171bn, solid minerals revenue of N28.218bn and augmentation of N178bn.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), a total gross revenue of N2.344tn was available in the month of February 2025.
The total deduction for the cost of collection was N89.092bn while total transfers, interventions, refunds and savings were N577.097bn.
The communiqué stated that gross statutory revenue of N1.653tn was received for February 2025. This was lower than the sum of N1.848tn received in January 2025 by N194.664bn.
Gross revenue of N654.456bn was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886bn available in January 2025 by N117.43bn.
The communiqué stated that from the total distributable revenue of N1.678tn, the federal government received a total sum of N569.65bn, and the state governments received a total sum of N562.195bn.
The local government councils received a total of N410.559bn, while a total of N136.042bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N827.633bn distributable statutory revenue, the communiqué stated that the federal government received N366.262bn and the state governments received N185.773bn.
The local government councils received N143.223bn and the sum of N132.374bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N609.43bn distributable Value Added Tax (VAT) revenue, the federal government received N91.415bn, the state governments received N304.71bn and the local government councils received N213.301bn.
A total of N5.276bn was received by the federal government from the N35.171bn Electronic Money Transfer Levy (EMTL). The state governments received N17.585bn and the local government councils received N12.31bn.
From the N28.218bn Solid Minerals revenue, the federal government received N12.933bn and the state governments received N6.56bn.
The local government councils received N5.057bn and a total of N3.668bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
FG Records N177bn Drop In Revenue As FAAC Allocates N1.6tn is first published on The Whistler Newspaper
Source: The Whistler
