A total of ₦1.703 trillion from the January 2025 Federation Account Revenue has been distributed among the Federal Government, state governments, and local government councils.
This was disclosed in a statement today by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation.
According to Mokwa, the revenue was allocated during the February meeting of the Federation Account Allocation Committee (FAAC) in Abuja.
A communiqué from the FAAC meeting detailed the composition of the ₦1.703 trillion revenue: ₦749.727 billion from statutory revenue, ₦718.781 billion from Value Added Tax (VAT), ₦20.548 billion from the Electronic Money Transfer Levy, and an augmentation of ₦214 billion.
The communiqué also revealed that the total gross revenue available in January 2025 was ₦2.641 trillion.
Deductions for collection costs amounted to ₦107.786 billion, while transfers, interventions, and refunds totaled ₦830.663 billion.
“Gross statutory revenue for January 2025 stood at ₦1.848 trillion, marking an increase of ₦622.125 billion from the ₦1.226 trillion recorded in December 2024,” the statement read.
Similarly, VAT revenue for January 2025 amounted to ₦771.886 billion, up by ₦122.325 billion from the ₦649.561 billion recorded in December 2024.
From the total distributable revenue of ₦1.703 trillion, the Federal Government received ₦552.591 billion, while state governments were allocated ₦590.614 billion.
Local government councils received ₦434.567 billion, and ₦125.284 billion (13% of mineral revenue) was distributed to eligible states as derivation revenue.
Of the ₦749.727 billion in statutory revenue, the Federal Government received ₦343.612 billion, while state governments were allocated ₦174.285 billion.