The Federal Government, states, and local government councils have shared ₦1.703 trillion from the Federation Account as revenue for January 2025.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, confirmed the disbursement in a statement on Thursday, February 27, following the Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to the FAAC communiqué, the total distributable revenue includes ₦749.727 billion from statutory sources, ₦718.781 billion from Value Added Tax (VAT), ₦20.548 billion from the Electronic Money Transfer Levy, and an additional ₦214 billion in augmentation.
It noted that gross revenue for January 2025 stood at ₦2.641 trillion, with ₦107.786 billion deducted for collection costs and ₦830.663 billion allocated for transfers, interventions, and refunds.
“Gross statutory revenue for January 2025 was ₦1.848 trillion, which is ₦622.125 billion higher than the ₦1.226 trillion recorded in December 2024,” the statement read.
Similarly, VAT revenue for the month reached ₦771.886 billion, reflecting an increase of ₦122.325 billion from December’s ₦649.561 billion.
From the total distributed revenue, the Federal Government received ₦552.591 billion, while states got ₦590.614 billion.
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Local government councils were allocated ₦434.567 billion, and ₦125.284 billion (13% of mineral revenue) was distributed to oil-producing states as derivation funds.
Breaking down the statutory revenue distribution, the Federal Government took ₦343.612 billion, states received ₦174.285 billion, and local governments got ₦134.366 billion. Additionally, ₦97.464 billion was disbursed to oil-producing states as derivation revenue.
For VAT distribution, the Federal Government collected ₦107.817 billion, states received ₦359.391 billion, and local governments got ₦251.573 billion.
From the ₦20.548 billion Electronic Money Transfer Levy, the Federal Government was allocated ₦3.082 billion, states ₦7.192 billion, and local governments ₦10.274 billion.
Under the ₦214 billion augmentation, the Federal Government got ₦98.080 billion, states ₦49.747 billion, and local governments ₦38.353 billion, while ₦27.820 billion was given to oil-producing states as derivation revenue.
The communiqué noted that VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies saw significant increases, whereas Electronic Money Transfer Levy and oil and gas royalties declined.