FG, States, LGCs Share N1.703 Trillion From A Gross Total Of N2.641 Trillion For The Month Of January 2025
A total sum of N 1.703 trillion Naira being January 2025 Federation Account Revenue, has been shared to the Federal, States and the Local Government Councils.
The revenue was shared at the February 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
A communiqué issued by the Federation Account Allocation Committee (FAAC) states that, The N1.703 trillion total distributable revenue comprised distributable statutory revenue of N749.7billion, distributable Value Added Tax (VAT) revenue of N718.7billion, Electronic Money Transfer Levy (EMTL) revenue of N20.5billion and Augmentation of N214 billion Naira.
From the N1.703 trillion total distributable revenue, the Federal Government received total sum of N552.591 billion and the State Governments received total sum of N590.614 billion, while the Local Government Councils received total sum of N434.567 billion and a total sum of N125.284 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The numbers also show that, In January 2025, Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies increased significantly while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty decreased considerably.
