Revenue Soars As FAAC Shares N1.793 Trn To FG, States, LGCs In January 2025
Relishing the significant increase in revenue earnings into the nation’s purse, the Federation Account Allocation Committee (FAAC) has shared a total sum of N 1.703 trillion among the three tiers of government as their January 2025 Federation Account income.
The increased earnings came from Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and Common External Tariff (CET) Levies.
However, FAAC noted that it was not yet Uhuru as revenue collections from Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty recorded a considerable dip during the period under review
Rising from its February 2025 meeting in Abuja, FAAC said the N1.703 trillion distributed to the Federal Government, States, and the Local Government Councils consisted of statutory revenue of N749.727 billion, VAT revenue of N718.781 billion, EMTL revenue of N20.548 billion, and augmentation of N214 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) stated that a total gross revenue of N2.641 trillion was available in January 2025. Total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds, and savings was N830.663 billion.
According to the communiqué, a gross statutory revenue of N1.848 trillion was earned in January 2025, representing N622.125 billion more than the N1.226 trillion received in December 2024.
Also, gross revenue of N771.886 billion was available from the VAT in January 2025, which was higher than the N649.561 billion available in December 2024 by N122.325 billion.
The communiqué stated that from the N1.703 trillion total distributable revenue, the Federal Government got N552.591 billion, the State Governments received N590.614 billion, and the Local Government Councils got N434.567 billion, with N125.284 billion, being 13 percent of mineral revenue, shared among the benefiting States as derivation revenue.
On the N749.727 billion distributable statutory revenue, the communiqué stated that the Federal Government received N343.612 billion, the State Governments received N174.285 billion, and the Local Government Councils got N134.366 billion, while N97.464 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N718.781 billion VAT revenue, the Federal Government received N107.817 billion, the State Governments received N359.391 billion, and the Local Government Councils received N251.573 billion.
Additionally, N3.082 billion was received by the Federal Government from the N20.548 billion Electronic Money Transfer Levy (EMTL), the State Governments got N7.192 billion, and the Local Government Councils received N10.274 billion.
From the N214 billion Augmentation, the Federal Government got N98.080 billion, the State Governments got N49.747 billion, and the Local Government Councils received N38.353 billion with N27.820 billion going to the benefiting States as 13 percent mineral revenue derivation.
