The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.678 trillion to the Federal, State, and Local Governments for the month of February.
The revenue was distributed during the March 2025 FAAC meeting held in Abuja.
The meeting, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was also attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total amount shared, N1.678 trillion, comprised statutory revenue of N827.633 billion, Value Added Tax (VAT) revenue of N609.430 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 FAAC, the total gross revenue of N2.344 trillion was available for the month of February 2025. The total deduction for cost of collection was N89.092 billion, while total transfers, interventions, refunds, and savings amounted to N577.097 billion.
FAAC stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the N1.848 trillion received in January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from VAT in February 2025, which was lower than the N771.886 billion available in January 2025 by N117.430 billion.
FAAC also stated that from the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, the State Governments received N562.195 billion, and the Local Government Councils received N410.559 billion. Additionally, a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Bawa Mokwa, Director, Press and Public Relations, said in a statement that from the N827.633 billion distributable statutory revenue, the Federal Government received N366.262 billion, the State Governments received N185.773 billion, and the Local Government Councils received N143.223 billion. Furthermore, the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable VAT revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion, and the Local Government Councils received N213.301 billion.
A total of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion, and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion, and the State Governments received N6.560 billion. The Local Government Councils received N5.057 billion, and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: the Federal Government received N93.770 billion, the State Governments received N47.562 billion, and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) increased significantly, while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded decreases.
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