August 22, (THEWILL) — The Federation Account Allocation Committee has shared a total of N2.001tn among the Federal Government, states, and local government councils as revenue for July 2025.
The figure was drawn from a gross total of N3.836tn, according to a statement by the Director of Information and Public Relations, Federal Ministry of Finance, Mohammed Manga.
The allocation was made at the August 2025 FAAC meeting chaired in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué issued after the meeting showed that the N2.001tn distributable revenue comprised N1.282tn from statutory sources, N640.610bn from Value Added Tax, N37.601bn from the Electronic Money Transfer Levy, and N39.745bn from exchange difference.
The gross statutory revenue for July stood at N3.070tn, lower by N415.108bn than the N3.485tn recorded in June. Deductions for the cost of collection amounted to N152.681bn, while transfers, interventions, refunds, and savings stood at N1.683tn.
Gross VAT revenue in July was N687.940bn, slightly higher than the N678.165bn recorded in June.
From the total distributable revenue of N2.001tn, the Federal Government received N735.081bn, state governments N660.349bn, and local governments N485.039bn.
A further N120.359bn (13 per cent of mineral revenue) was shared as derivation revenue to oil-producing states.
Breakdown of the allocations showed that from the N1.282tn statutory revenue, the Federal Government received N613.805bn, states N311.330bn, and local governments N240.023bn, with N117.714bn allocated as derivation revenue.
From the N640.610bn VAT pool, the Federal Government got N96.092bn, states N320.305bn, and local governments N224.214bn.
Of the N37.601bn Electronic Money Transfer Levy, the Federal Government received N5.640bn, states N18.801bn, and local governments N13.160bn.
From the N39.745bn exchange difference, the Federal Government received N19.544bn, states N9.913bn, and local governments N7.643bn, while N2.643bn went to oil-producing states as derivation.
The communiqué noted that Petroleum Profit Tax, oil and gas royalties, EMTL, and excise duty recorded significant increases in July, while VAT and import duty rose marginally.
Companies Income Tax and CET levies, however, recorded declines.
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