FAAC: FG, States, LGs Share N1.703trn January 2025 revenue

A total of ₦1.703 trillion, generated as Federation Account Revenue for January 2025, has been distributed among the Federal Government, states, and local government councils.

This was disclosed in a statement on Thursday by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation. Mokwa noted that the revenue was shared during the Federation Account Allocation Committee (FAAC) meeting held in February in Abuja.

According to a communiqué from the meeting, the ₦1.703 trillion revenue consisted of ₦749.727 billion in statutory revenue, ₦718.781 billion from Value Added Tax (VAT), ₦20.548 billion from the Electronic Money Transfer Levy (EMTL), and an augmentation of ₦214 billion.

The communiqué further revealed that the total gross revenue for January 2025 stood at ₦2.641 trillion. Out of this, ₦107.786 billion was deducted as the cost of collection, while ₦830.663 billion was allocated for transfers, interventions, and refunds.

It stated, “Gross statutory revenue for January 2025 was ₦1.848 trillion, an increase of ₦622.125 billion compared to the ₦1.226 trillion recorded in December 2024.”

Similarly, revenue from VAT in January 2025 was ₦771.886 billion, reflecting a rise of ₦122.325 billion from the ₦649.561 billion collected in December 2024.

From the total distributable revenue of ₦1.703 trillion, the Federal Government received ₦552.591 billion, while states got ₦590.614 billion. Local government councils were allocated ₦434.567 billion, and ₦125.284 billion was distributed as 13% derivation revenue to oil-producing states.

Breaking down the statutory revenue of ₦749.727 billion, the communiqué stated that the Federal Government received ₦343.612 billion, states got ₦174.285 billion, and local government councils were allocated ₦134.366 billion. Additionally, ₦97.464 billion was shared as 13% derivation revenue.

Regarding the ₦718.781 billion VAT revenue, the Federal Government received ₦107.817 billion, states got ₦359.391 billion, and local governments were allocated ₦251.573 billion.

For the ₦20.548 billion generated from the Electronic Money Transfer Levy, the Federal Government received ₦3.082 billion, states got ₦7.192 billion, and local governments were allocated ₦10.274 billion.

Under the ₦214 billion augmentation, ₦98.080 billion went to the Federal Government, ₦49.747 billion was allocated to states, and ₦38.353 billion was distributed to local governments. An additional ₦27.820 billion was shared as 13% derivation revenue.

The communiqué also noted that revenue from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded significant increases, while revenue from Electronic Money Transfer Levy (EMTL) and oil and gas royalties declined.