The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.703 trillion as revenue for January 2025 to the federal, state, and local governments.
This was disclosed in a statement on Thursday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation. Mokwa noted that the allocation took place during the February FAAC meeting in Abuja.
According to the communiqué released after the meeting, the total revenue distributed includes ₦749.727 billion from statutory sources, ₦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 document highlighted that gross revenue for January 2025 amounted to ₦2.641 trillion. After deducting ₦107.786 billion for collection costs and ₦830.663 billion for transfers, interventions, and refunds, the balance was shared among the tiers of government.
“Gross statutory revenue of ₦1.848 trillion was received for the month of January 2025. This was higher than the sum of ₦1.226 trillion received in the month of December 2024 by ₦622.125 billion,” the communiqué stated.
It also revealed that VAT revenue for January stood at ₦771.886 billion, reflecting an increase of ₦122.325 billion compared to the ₦649.561 billion collected in December 2024.
From the total distributable revenue of ₦1.703 trillion, the federal government received ₦552.591 billion, state governments got ₦590.614 billion, and local government councils were allocated ₦434.567 billion. Additionally, ₦125.284 billion, representing 13% of mineral revenue, was distributed to oil-producing states as derivation funds.
Regarding the ₦749.727 billion statutory revenue, the communiqué noted that ₦343.612 billion went to the federal government, while states received ₦174.285 billion. Local governments were allocated ₦134.366 billion, and ₦97.464 billion was distributed to eligible states as 13% derivation revenue.
For the ₦718.781 billion VAT revenue, the federal government received ₦107.817 billion, state governments got ₦359.391 billion, and local councils took ₦251.573 billion.
The distribution of the ₦20.548 billion EMTL saw ₦3.082 billion go to the federal government, ₦7.192 billion to state governments, and ₦10.274 billion to local councils.
From the ₦214 billion augmentation, ₦98.080 billion was allocated to the federal government, ₦49.747 billion to state governments, and ₦38.353 billion to local councils, while ₦27.820 billion was shared as derivation revenue.
The communiqué concluded by noting that revenue from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), excise duty, import duty, and CET levies increased significantly, while EMTL and oil and gas royalties saw a decline.
