FAAC: FG, States, LGCs share N1.703 trillion January 2025 revenue 

This figure represents a notable 19.6% increase, or N279 billion, compared to the N1.424 trillion shared from December 2024 revenue.

A press release issued by Bawa Mokwa, Director (Press and Public Relations) at the Office of the Accountant General of the Federation on Thursday, confirmed that the N1.703 trillion distributable revenue includes N749.727 billion in statutory revenue, N718.781 billion in Value Added Tax (VAT) revenue, N20.548 billion from the Electronic Money Transfer Levy (EMTL), and N214 billion in augmentation.

The data was provided through a communique issued by the Federation Account Allocation Committee (FAAC) after its monthly meeting.

The total gross revenue for January 2025 amounted to N2.641 trillion, surpassing the N2.310 trillion reported for December 2024.

The communique further revealed that the total deductions for collection costs stood at N107.786 billion, while total transfers, interventions, refunds, and savings were recorded at N830.663 billion.

The breakdown of the N1.703 trillion shared from the Federation Account shows that the Federal Government received N552.591 billion, State Governments were allocated N590.614 billion, and Local Government Councils received N434.567 billion.

Also, N125.284 billion, representing 13% of mineral revenue, was allocated to States benefiting from derivation revenue.

The communique also highlighted increased collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies.

However, it noted a decline in collections from the Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty receipts.