The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.678 trillion in revenue among the federal, state, and local governments for February 2025.
This was disclosed in a communiqué issued after the March 2025 FAAC meeting in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of ₦1.678 trillion was sourced from the following:
Statutory revenue: ₦827.633 billion
Value Added Tax (VAT): ₦609.430 billion
Electronic Money Transfer Levy (EMTL): ₦35.171 billion
Solid Minerals revenue: ₦28.218 billion
Augmentation: ₦178 billion
From the total amount distributed, the federal, state, and local governments received the following allocations:
Federal Government: ₦569.656 billion
State Governments: ₦562.195 billion
Local Government Councils: ₦410.559 billion
Derivation revenue (13% to oil-producing states): ₦136.042 billion
The total gross revenue for February 2025 was ₦2.344 trillion, reflecting a decline from January 2025’s ₦2.620 trillion. The gross statutory revenue stood at ₦1.653 trillion, which was lower than the ₦1.848 trillion recorded in January 2025 by ₦194.664 billion.
Similarly, gross VAT revenue for February was ₦654.456 billion, representing a drop of ₦117.430 billion compared to the ₦771.886 billion recorded in January 2025.
According to the FAAC communiqué, there was a significant increase in revenue from Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL). However, revenue from Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies declined during the period under review.
The committee further disclosed that ₦89.092 billion was deducted for the cost of revenue collection, while ₦577.097 billion was allocated for transfers, interventions, refunds, and savings.
The next FAAC meeting is expected to review further allocations and trends in government revenue for the coming months.
