The Federal Government, states, and local government councils have shared a total sum of ₦1.703 trillion as the January 2025 Federation Account Revenue. This was announced in a statement on Thursday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, following the February Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to a communiqué from the meeting, the ₦1.703 trillion total revenue comprised ₦749.727 billion from statutory revenue, ₦718.781 billion from Value Added Tax (VAT), ₦20.548 billion from Electronic Money Transfer Levy (EMTL), and an ₦214 billion augmentation. The total gross revenue available for January 2025 stood at ₦2.641 trillion, with ₦107.786 billion deducted for the cost of collection and ₦830.663 billion allocated for transfers, interventions, and refunds.
The communiqué further revealed that the gross statutory revenue received in January 2025 was ₦1.848 trillion, an increase of ₦622.125 billion compared to the ₦1.226 trillion received in December 2024. The gross VAT revenue for January 2025 was ₦771.886 billion, which exceeded the ₦649.561 billion received in December 2024 by ₦122.325 billion.
From the ₦1.703 trillion distributable revenue, the Federal Government received ₦552.591 billion, while state governments received ₦590.614 billion. Local government councils got ₦434.567 billion, with ₦125.284 billion shared to benefiting states as 13% derivation revenue.
Out of the ₦749.727 billion distributable statutory revenue, the Federal Government received ₦343.612 billion, state governments received ₦174.285 billion, and local government councils received ₦134.366 billion. The sum of ₦97.464 billion was allocated to benefiting states as 13% derivation revenue.
For the ₦718.781 billion distributable VAT revenue, the Federal Government received ₦107.817 billion, state governments received ₦359.391 billion, and local government councils received ₦251.573 billion. From the ₦20.548 billion Electronic Money Transfer Levy (EMTL), the Federal Government received ₦3.082 billion, state governments received ₦7.192 billion, and local government councils received ₦10.274 billion.
The ₦214 billion augmentation was shared with the Federal Government receiving ₦98.080 billion, state governments ₦49.747 billion, and local government councils ₦38.353 billion, while ₦27.820 billion was allocated to benefiting states as 13% derivation revenue.
The FAAC communiqué also noted that revenue from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies increased significantly in January 2025. However, revenue from EMTL and Oil and Gas Royalty experienced a notable decline.
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