The Federal Government, state governments, and local government councils have distributed a total of ₦1.703 trillion as the January 2025 Federation Account Revenue. This was disclosed in a statement on Thursday by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of the Federation, following the February Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to the communiqué issued after the meeting, the total revenue of ₦1.703 trillion comprised ₦749.727 billion from 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 gross revenue available for January 2025 was ₦2.641 trillion, with deductions of ₦107.786 billion for the cost of collection and ₦830.663 billion allocated for transfers, interventions, and refunds.
The communiqué highlighted that the gross statutory revenue for January 2025 stood at ₦1.848 trillion, reflecting an increase of ₦622.125 billion from the ₦1.226 trillion recorded in December 2024. Similarly, the gross VAT revenue for January 2025 rose to ₦771.886 billion, surpassing the ₦649.561 billion recorded in December 2024 by ₦122.325 billion.
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 was distributed to benefiting states as 13% derivation revenue.
Breaking down the ₦749.727 billion statutory revenue, the Federal Government received ₦343.612 billion, states got ₦174.285 billion, and local government councils were allocated ₦134.366 billion, while ₦97.464 billion was set aside for 13% derivation revenue to benefiting states.
From the ₦718.781 billion VAT revenue, the Federal Government received ₦107.817 billion, states were allocated ₦359.391 billion, and local government councils got ₦251.573 billion. Meanwhile, the ₦20.548 billion EMTL revenue was distributed as follows: the Federal Government received ₦3.082 billion, states got ₦7.192 billion, and local government councils were allocated ₦10.274 billion.
Additionally, the ₦214 billion augmentation was shared with the Federal Government receiving ₦98.080 billion, states ₦49.747 billion, and local government councils ₦38.353 billion, while ₦27.820 billion was allocated for 13% derivation revenue.
The FAAC communiqué further indicated a significant rise in revenue from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies in January 2025. However, revenue from EMTL and Oil and Gas Royalty recorded a notable decline.
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