FG, States, LGAs Share N1.703trn as January 2025 Revenue Rises 19%

This amount represents an increase of 19.6 per cent or N279 billion from the N1.424 trillion generated in December 2024.

This is according to a press release by the Director (Press and Public Relations) at the Office of the Accountant General of the Federation, Mr Bawa Mokwa, on Thursday,

The N1.703 trillion total distributable revenue comprises N749.727 billion in statutory revenue, N718.781 billion in Value Added Tax revenue, N20.548 billion from the Electronic Money Transfer Levy, and N214 billion in augmentation.

The statement was based on a communique issued by the Federation Account Allocation Committee (FAAC) after its monthly meeting for February 2025.

It noted that the total gross revenue amounted to N2.641 trillion, which was slightly higher than the N2.310 trillion recorded in the previous month.

The total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion.

It was disclosed that the federal government received N552.591 billion, state governments were allocated N590.614 billion, and the Local Government Councils received N434.567 billion, while an additional N125.284 billion was shared with benefiting states as derivation revenue as 13 per cent of mineral revenue.

The statement further noted that the gross statutory revenue for the month under review stood at N1.848 trillion, an increase of N622.125 billion from the N1.226 trillion recorded a month earlier.

Gross VAT revenue for the month was N771.886 billion, rising by N122.325 billion from N649.561 billion in December.

From the N749.727 billion statutory revenue, the federal government got N343.612bn, the state governments were given N174.285 billion, and the councils received N134.366 billion, while N97.464 billion was also allocated to states benefiting from derivation revenue.

Further, from the N718.781 billion VAT revenue, the federal government received N107.817 billion, state governments were got N359.391 billion, and Local Government Councils shared N251.573 billion.

For the N20.548 billion Electronic Money Transfer Levy (EMTL), the federal government received N3.082 billion, state governments received N7.192 billion, and Local Government Councils received N10.274 billion.

The N214 billion augmentation was shared with the federal government receiving N98.080 billion, state governments receiving N49.747 billion, and Local Government Councils receiving N38.353 billion, while N27.820 billion was shared among the benefiting states as derivation revenue.

The communique also highlighted increases in collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while there was a significant decrease in EMTL and Oil and Gas Royalty receipts.