The Federation Account Allocation Committee (FAAC) has approved the sum of N1.678 trillion for distribution as February 2025 revenue to the three tiers of Government; the Federal Government, States, and Local Government Councils.
The revenue was shared at a FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, according to a statement issued by the Director of Press in the Office of the Accountant General of the Federation (OAGF), Mallam Bawa Mokwa.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and an augmentation of N178 billion.
A total gross revenue of N2.344 trillion was generated in February 2025.
The total deductions included N89.092 billion for the cost of collection and N577.097 billion for transfers, interventions, refunds, and savings.
The gross statutory revenue for February 2025 stood at N1.653 trillion, which was N194.664 billion lower than the N1.848 trillion received in January 2025.
Similarly, the gross VAT revenue in February 2025 was N654.456 billion, which was N117.430 billion lower than the N771.886 billion recorded in January 2025.
From the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, the State Governments received N562.195 billion, and the Local Government Councils received N410.559 billion.
A total sum of N136.042 billion, representing 13% of mineral revenue, was shared with the benefiting states as derivation revenue.
From the N827.633 billion distributable statutory revenue, the Federal Government received N366.262 billion, the State Governments received N185.773 billion, and the Local Government Councils received N143.223 billion.
The sum of N132.374 billion, representing 13% of mineral revenue, was shared with the benefiting states as derivation revenue.
From the N609.430 billion distributable VAT revenue, the federal government received N91.415 billion, the state governments received N304.715 billion, and the local government councils received N213.301 billion.
A total of N5.276 billion was received by the federal government from the N35.171 billion Electronic Money Transfer Levy (EMTL), while the State Governments received N17.585 billion and the Local Government councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion, the State Governments received N6.560 billion, and the Local Government Councils received N5.057 billion.
A total sum of N3.668 billion, representing 13% of mineral revenue, was shared with the benefiting states as derivation revenue.
The augmentation of N178 billion was shared as follows: the Federal Government received N93.770 billion, the State Governments received N47.562 billion, and the Local Government Councils received N36.668 billion.
