The Federation Account Allocation Committee (FAAC) in Nigeria has distributed a total of N1.703 trillion to the federal, state, and local governments as revenue generated for January 2025.
The disbursement followed the resolution of a deadlocked meeting last week, which was caused by alleged discrepancies in remittances from the Nigerian National Petroleum Company Limited (NNPCL).
At the February 2025 FAAC meeting in Abuja, it was disclosed that the total distributable revenue included N749.727 billion from statutory revenue, N718.781 billion from Value Added Tax (VAT), N20.548 billion from the electronic money transfer levy, and an augmentation of N214 billion.
A communiqué issued after the meeting stated that the total gross revenue for January 2025 stood at N2.641 trillion. Deductions for the cost of collection amounted to N107.786 billion, while total transfers, interventions, refunds, and savings accounted for N830.663 billion.
According to Bawa Mokwa, Director of Information at the Office of the Accountant-General of the Federation, the gross statutory revenue for January was N1.848 trillion, marking a significant increase of N622.125 billion from the N1.226 trillion recorded in December 2024. Similarly, gross VAT revenue rose from N649.561 billion in December 2024 to N771.886 billion in January 2025.
From the total distributable revenue of N1.703 trillion, the federal government received N552.591 billion, state governments received N590.614 billion, while local government councils were allocated N434.567 billion. Additionally, N125.284 billion was distributed to states entitled to 13% derivation from mineral revenue.
Breaking down the N749.727 billion statutory revenue, the federal government received N343.612 billion, states got N174.285 billion, and local governments received N134.366 billion. The 13% derivation allocation for mineral-producing states amounted to N97.464 billion.
From the N718.781 billion VAT revenue, the federal government received N107.817 billion, state governments were allocated N359.391 billion, and local governments received N251.573 billion.
The electronic money transfer levy of N20.548 billion was distributed with the federal government receiving N3.082 billion, states N7.192 billion, and local governments N10.274 billion.
Additionally, from the N214 billion augmentation, the federal government was allocated N98.080 billion, state governments received N49.747 billion, local governments got N38.353 billion, while N27.820 billion was designated for states benefiting from the 13% derivation revenue.
