Despite a decline in oil royalties and Value Added Tax (VAT), the Federation Account Allocation Committee (FAAC) has shared a total of N1.578 trillion among the Federal Government, State Governments, and Local Government Councils for the month of March 2025.
The disbursement was confirmed in a communiqué issued after FAAC’s April meeting in Abuja, signed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
According to Mokwa, the total distributable revenue included:
Statutory Revenue – N931.325 billion
VAT – N593.750 billion
Electronic Money Transfer Levy (EMTL) – N24.971 billion
Exchange Difference Revenue – N28.711 billion
Out of the gross revenue of N2.411 trillion, N85.376 billion was deducted as cost of revenue collection, while N747.180 billion was set aside for refunds, interventions, and other obligations.
Breakdown of Allocations:
Federal Government: N528.696 billion
State Governments: N530.448 billion
Local Government Councils: N387.002 billion
13% Derivation to Oil-Producing States: N132.611 billion
From statutory revenue, the FG received N422.485 billion, States got N214.290 billion, and LGAs received N165.209 billion. An additional N129.341 billion was distributed as 13% derivation to oil-producing states.
For the VAT revenue, the FG received N89.063 billion, States took N296.875 billion, and LGAs got N207.813 billion.
From the N24.971 billion EMTL, FG got N3.746 billion, States received N12.485 billion, and LGAs received N8.740 billion.
Mokwa noted that while Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) saw significant increases, there were decreases in Oil and Gas royalties, VAT, EMTL, Excise Duty, Import Duty, and Common External Tariff (CET) revenues.
March’s gross statutory revenue of N1.718 trillion was up by N65.422 billion from February’s N1.653 trillion. However, VAT revenue dropped from N654.456 billion in February to N637.618 billion in March, showing a decrease of N16.838 billion.
