BY COBHAM NSA – The Federation Account Revenue totalling N1.678 trillion has been shared to the Federal Government, States and the Local Government Councils as their monthly allocation for February 2025.
However, the amount is lower by N194.664 billion than the sum of N1.848 trillion that accrued in the month of January 2025
The funds were shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja and chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Also in attendance at the meeting was the new appointed Accountant General of the Federation (AGF), Shamseldeen Ogunjimi.
A communiqué issued by FAAC indicated that the total distributable revenue of N1.678 trillion consist of statutory revenue of N827.633 billion; Value Added Tax (VAT) revenue of N 609.430 billion; Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion; Solid Minerals revenue of N28.218 billion; and Augmentation of N178 billion.
According to the communiqué, the total gross revenue of N2.344 trillion was available in the month of February 2025 with total deduction for cost of collection being N89.092 billion while total transfers, interventions, refunds and savings stood at N577.097 billion.
It further said the Gross revenue of N654.456 billion was available from VAT in February 2025, indicating a decrease of about N117.430 billion from the N771.886 billion available in the month of January 2025
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion; the State Governments got N562.195 billion while a total sum of N410.559 billion went to the Local Government Councils.
This is as a total sum of N136.042 billion, being 13 percent of mineral revenue, was shared to the benefiting States as derivation revenue.
Of the N827.633 billion statutory revenue, the communiqué said the Federal Government got N366.262 billion; the State Governments received N185.773 billion; the Local Government Councils received N143.223 billion while N132.374 billion as 13 percent mineral revenue went to the benefiting States as derivation revenue.
From the N609.430 billion distributable VAT income, the Federal Government got N91.415 billion; the State Governments received N304.715 billion and the Local Government Councils got N213.301 billion.
From the N35.171 billion Electronic Money Transfer Levy (EMTL), the Federal Government got N5.276 billion; State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
Similarly, the N28.218 billion Solid Minerals revenue purse saw the Federal Government taking N12.933 billion; the State Governments got N6.560 billion; the Local Government Councils received N5.057 billion while N3.668 billion was shared to the benefiting States as 13 percent mineral derivation revenue.
Also, the Augmentation of N178 billion was shared as thus: Federal Government – N93.770 billion; the State Governments – N47.562 billion; and the Local Government Councils – N36.668 billion.
Meanwhile, a statement signed by the Director of Press and Public Relations in OAGF, Bawa Mokwa on Saturday, said in February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly.
However, the Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies witnessed shortfalls within the period under review.
