March 22, (THEWILL) – The Federation Allocation Account Committee (FAAC) has shared a total of N1.678 trillion as February 2025 Federation Account revenue to the Federal Government, states, and local government councils.
Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, disclosed this in a statement, noting that the allocation was finalized during FAAC’s March 2025 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting, which took place in Abuja, was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi, alongside other key stakeholders.
According to a communiqué issued at the end of the meeting, the total distributable revenue of N1.678 trillion comprised N827.633 billion in distributable statutory revenue, N609.430 billion in Value Added Tax (VAT) revenue, N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion in solid minerals revenue, and an augmentation of N178 billion.
While total gross revenue for February 2025 stood at N2.344 trillion, deductions for the cost of collection amounted to N89.092 billion, with transfers, interventions, refunds, and savings totaling N577.097 billion.
The communiqué further revealed that gross statutory revenue for February 2025 was N1.653 trillion, representing a decrease of N194.664 billion compared to the N1.848 trillion recorded in January 2025. Similarly, gross VAT revenue for February stood at N654.456 billion, down by N117.430 billion from the N771.886 billion recorded in January.
From the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, while state governments were allocated N562.195 billion. Local government councils received N410.559 billion, and N136.042 billion (representing 13% of mineral revenue) was distributed to benefiting states as derivation revenue.
Of the N827.633 billion distributable statutory revenue, the Federal Government received N366.262 billion, while states got N185.773 billion. Local governments received N143.223 billion, with N132.374 billion allocated to benefiting states as derivation revenue.
From the N609.430 billion distributable VAT revenue, the Federal Government received N91.415 billion, states got N304.715 billion, and local governments received N213.301 billion.
The Federal Government was allocated N5.276 billion from the N35.171 billion collected under the Electronic Money Transfer Levy (EMTL), while states received N17.585 billion, and local government councils got N12.310 billion.
Regarding the N28.218 billion in solid minerals revenue, the Federal Government received N12.933 billion, states were allocated N6.560 billion, and local governments got N5.057 billion. An additional N3.668 billion (13% of mineral revenue) was distributed to benefiting states.
The N178 billion augmentation was shared as follows: the Federal Government received N93.770 billion, state governments got N47.562 billion, and local governments received N36.668 billion.
FAAC also reported that in February 2025, revenue from oil and gas royalties and EMTL recorded significant increases, while VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), excise duty, import duty, and CET levies all declined.
THEWILL reports that the February allocation of N1.678 trillion was N25 billion lower than the N1.703 trillion shared in January 2025, reflecting a 1.47% decrease in revenue allocation.
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