The Federation Account recorded a total revenue of N2.344 trillion in February 2025. Out of this amount, the Federation Account Allocation Committee (FAAC) distributed N1.678 trillion to the federal, state, and local governments for their March expenditures.
According to a statement from the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, the FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The Accountant-General of the Federation, Shamseldeen Ogunjimi, was also in attendance.
Breakdown of Revenue Distribution
The total distributable revenue of N1.678 trillion was derived from multiple sources, including:
Statutory Revenue: N827.633 billion
Value Added Tax (VAT): N609.430 billion
Electronic Money Transfer Levy (EMTL): N35.171 billion
Solid Minerals Revenue: N28.218 billion
Augmentation: N178 billion
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However, FAAC’s total revenue allocation for March fell short by N194.664 billion compared to the N1.848 trillion shared in the previous month. The Value Added Tax (VAT) revenue also dropped from N771.886 billion to N654.456 billion, a decline of N117.430 billion.
How the N1.678 Trillion Was Shared
Federal Government: N569.656 billion
State Governments: N562.195 billion
Local Government Councils: N410.559 billion
Oil-Producing States (Derivation Fund – 13% of Mineral Revenue): N136.042 billion
Detailed Breakdown by Revenue Source
From the N827.633 billion statutory revenue:
Federal Government: N366.262 billion
State Governments: N185.773 billion
Local Government Councils: N143.223 billion
Oil-producing states (13% derivation): N132.374 billion
From the N609.430 billion VAT revenue:
Federal Government: N91.415 billion
State Governments: N304.715 billion
Local Government Councils: N213.301 billion
From the N35.171 billion Electronic Money Transfer Levy (EMTL):
Federal Government: N5.276 billion
State Governments: N17.585 billion
Local Government Councils: N12.310 billion
From the N28.218 billion Solid Minerals Revenue:
Federal Government: N12.933 billion
State Governments: N6.560 billion
Local Government Councils: N5.057 billion
Oil-producing states (13% derivation): N3.668 billion
The N178 billion augmentation was shared as follows:
Federal Government: N93.770 billion
State Governments: N47.562 billion
Local Government Councils: N36.668 billion
The FAAC report highlighted significant growth in Oil and Gas Royalty and the Electronic Money Transfer Levy (EMTL). However, revenues from Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies experienced a decline.