The Federal Government, States, and Local Government Councils have shared a total of N1.703 trillion from the Federation Account revenue for January 2025.
This figure represents a notable 19.6% increase, or N279 billion, compared to the N1.424 trillion shared from December 2024 revenue.
A press release issued by Bawa Mokwa, Director (Press and Public Relations) at the Office of the Accountant General of the Federation on Thursday, confirmed that the N1.703 trillion distributable revenue includes N749.727 billion in statutory revenue, N718.781 billion in Value Added Tax (VAT) revenue, N20.548 billion from the Electronic Money Transfer Levy (EMTL), and N214 billion in augmentation.
The data was provided through a communique issued by the Federation Account Allocation Committee (FAAC) after its monthly meeting.
Gross revenue and deductions for January 2025
The total gross revenue for January 2025 amounted to N2.641 trillion, surpassing the N2.310 trillion reported for December 2024.
The communique further revealed that the total deductions for collection costs stood at N107.786 billion, while total transfers, interventions, refunds, and savings were recorded at N830.663 billion.
The breakdown of the N1.703 trillion shared from the Federation Account shows that the Federal Government received N552.591 billion, State Governments were allocated N590.614 billion, and Local Government Councils received N434.567 billion.
Also, N125.284 billion, representing 13% of mineral revenue, was allocated to States benefiting from derivation revenue.
Revenue distribution breakdown
- The gross statutory revenue for January 2025 reached N1.848 trillion, reflecting a significant increase of N622.125 billion compared to the N1.226 trillion recorded in December 2024. The gross VAT revenue for January stood at N771.886 billion, marking an increase of N122.325 billion from N649.561 billion in December.
- From the statutory revenue of N749.727 billion, the Federal Government received N343.612 billion, State Governments were allocated N174.285 billion, and Local Government Councils received N134.366 billion. The 13% mineral revenue derivation for benefiting States amounted to N97.464 billion.
- The VAT revenue of N718.781 billion was distributed as follows: the Federal Government received N107.817 billion, State Governments were allocated N359.391 billion, and Local Government Councils received N251.573 billion.
- The Electronic Money Transfer Levy of N20.548 billion was distributed, with the Federal Government receiving N3.082 billion, State Governments receiving N7.192 billion, and Local Government Councils receiving N10.274 billion.
- The N214 billion augmentation was shared with the Federal Government receiving N98.080 billion, State Governments allocated N49.747 billion, and Local Government Councils receiving N38.353 billion. Additionally, N27.820 billion, representing 13% of mineral revenue, was distributed as derivation revenue to benefiting States.
The communique also highlighted increased collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies.
However, it noted a decline in collections from the Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty receipts.
