FAAC Shares N1.678trn to FG, States, Councils From February 2025 Revenue

A statement from the Federation Accounts Allocation Committee (FAAC) after its meeting for this month, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed that the amount generated stood at N2.344 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), an argumentation of N178 billion and revenues from Solid Minerals.

It was revealed that the federal government was given N569.656 billion, the states received N562.195 billion, the local government councils got N410.559 billion, while the oil-producing states shared N136.042 billion as 13 per cent derivation of mineral revenue.

The statement further disclosed that VAT for the month was N609.430 billion versus N771.886 billion in the preceding month, with the federal government receiving N91.415 billion, the states getting N304.715 billion, and the councils sharing N213.301 billion.

FAAC presented N1.653 trillion as gross statutory revenue for last month, lower than the N1.848 trillion recorded a month earlier, with N61.449 billion used for the cost of collection and N736.249 billion for transfers, intervention and refunds.

When the balance of N827.633 billion was shared, the federal government got N366.262 billion, the states received N185.773 billion, and the councils got N143.223 billion, while the oil-producing states shared N132.374 billion as 13 per cent derivation revenue.

Also, the sum of N35.171 billion from EMTL was distributed, with the federal government receiving N5.276 billion, the states sharing N17.585 billion, and the local government councils getting N12.310 billion, while N1.465 billion was for the cost of collection.

Further, N28.218 billion was generated from solid minerals and the central government got N12.933 billion, the states received N6.560 billion, the LGCs got N5.057 billion, and the oil-producing states shared N3.668 billion.

In addition, from the N178 billion augmentation, the national government received N93.770 billion, the states got N47.562 billion, and the local councils received N36.668 billion.

It was observed that revenues from VAT, Petroleum Profit Tax, Companies Income Tax, excise duty, import duty and CET Levies declined in February, while earnings from EMTL and oil and gas royalty increased significantly.