The Federal Account Allocation Committee (FAAC) has shared a total of N1.678 trillion in revenue for February 2025. This distribution was made during the FAAC meeting held in March 2025 in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion included several key revenue sources:
- Distributable statutory revenue: N827.633 billion
- Distributable Value Added Tax (VAT) revenue: N609.430 billion
- Electronic Money Transfer Levy (EMTL): N35.171 billion
- Solid Minerals revenue: N28.218 billion
- Augmentation: N178 billion
According to a communiqué issued by the FAAC, the total gross revenue for February 2025 was N2.344 trillion. After deductions for cost of collection (N89.092 billion) and transfers, interventions, refunds, and savings (N577.097 billion), the net distributable revenue amounted to N1.678 trillion.
The breakdown of the distributable revenue is as follows:
- 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 shared with benefiting states.
For the distributable statutory revenue of N827.633 billion:
- The Federal Government received N366.262 billion.
- State Governments received N185.773 billion.
- Local Government Councils received N143.223 billion.
- N132.374 billion was allocated as derivation revenue.
In terms of Value Added Tax (VAT), the Federal Government received N91.415 billion, while State Governments received N304.715 billion, and Local Government Councils received N213.301 billion.
From the Electronic Money Transfer Levy (EMTL) of N35.171 billion:
- The Federal Government received N5.276 billion.
- State Governments received N17.585 billion.
- Local Government Councils received N12.310 billion.
Regarding Solid Minerals Revenue (N28.218 billion):
- The Federal Government received N12.933 billion.
- State Governments received N6.560 billion.
- Local Government Councils received N5.057 billion.
- N3.668 billion was shared as derivation revenue.
The Augmentation of N178 billion was distributed as follows:
- Federal Government: N93.770 billion
- State Governments: N47.562 billion
- Local Government Councils: N36.668 billion
The communiqué also highlighted that while Oil and Gas Royalties and the Electronic Money Transfer Levy (EMTL) saw a significant increase, other revenues such as VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies experienced decreases.
This revenue distribution reflects the ongoing economic dynamics and efforts by the government to ensure fiscal stability and efficient resource allocation across all levels of government.
