Fed account receives N2.3trn as FAAC shares N1.7trn to FG, states, LG
The Federation Account received a gross revenue of N2.344 trillion in the month of February 2025, out of which the Federation Account Allocation Committee (FAAC) shared the sum of N1. .678 trillion to the federal, states and local government councils for their expenditures in the month of March.
Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings stood at N577.097 billion.
A statement by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Bawa Mokwa, in Abuja, on Saturday revealed that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, personally chaired the FAAC meeting, which 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 N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
Details of the revenue showed that the N1.653 trillion shared by FAAC this month was lower than the sum of N1.848 trillion shared to the three tiers of government last month by N194.664 billion.
The sum of N654.456 billion was available from the Value Added Tax (VAT) which was lower than the N771.886 billion available in the previous month by N117.430 billion.
Out of the total distributable revenue of N1.678 trillion, the Federal Government received the sum of N569.656 billion; the State Governments received N562.195 billion; while the LGs received N410.559 billion.
A separate sum of N136.042 billion (13% of mineral revenue) was shared to the oil-producing states as derivation revenue.
On the N827.633 billion distributable statutory revenue, the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
Out of the N609.430 billion distributable Value Added Tax (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.
The sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion, while Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
The statement said the analysis of revenue in the months under review indicated that Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly, while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies headed the opposite direction.
