WATCH THE VIDEO HERE The Federal Government, state governments, and local government councils have shared a total of N1.678 trillion as Federation Account revenue for February 2025, according to a communiqué issued after the Federation Account Allocation Committee (FAAC) meeting held in Abuja. The figure represents a slight decline from the N1.703 trillion shared in January, reflecting a drop in key revenue streams including VAT, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT). This is according to a press statement on Saturday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation. The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi, and other senior government officials. Gross statutory revenue fell to N1.653 trillion in February, down by N194.664 billion from the N1.848 trillion recorded in January 2025. Similarly, gross VAT revenue declined to N654.456 billion, compared to N771.886 billion in the previous month, representing a decrease of N117.430 billion. These declines contributed to the lower distributable revenue in February, despite a noticeable increase in earnings from Oil and Gas Royalty and EMTL during the month. While revenue from electronic transfers and royalties improved in February, overall earnings were affected by declines in VAT and other major tax sources.
FAAC: FG, States, LGs share lower February revenue of N1.678 trillion
