How N1.703 Trillion Revenue Share Will Affect Your Community

From N1.226 trillion in December 2024 to N1.848 trillion in January 2025, Nigeria's gross statutory revenue increased by N622.125 billion.

At the conclusion of its February 2025 meeting in Abuja on Thursday, the Federation Accounts Allocation Committee (FAAC) made this announcement.

FAAC also declared that the Federal Government, States, and Local Government Councils received a total of N1.703 trillion, which is the January 2025 Federation Account Revenue.

According to the report, the N1.703 trillion in total distributable revenue was made up of N214 billion in augmentation, N749.727 billion in distributable statutory revenue, N718.781 billion in distributable Value Added Tax (VAT) revenue, and N20.548 billion in revenue from the Electronic Money Transfer Levy (EMTL).

A communiqué published by the FAAC said that the total gross income of N2.641 trillion was available in January 2025. The entire deduction for the cost of collecting was N107.786 billion, while total transfers, interventions, refunds, and savings amounted to N830.663 billion.

The Value Added Tax (VAT) generated N771.886 billion in gross income in January 2025, the communiqué stated. This was N122.325 billion more than the N649.561 billion that was available in December 2024.

According to the communiqué, the Federal Government received N552.591 billion, State Governments received N590.614 billion, and Local Government Councils received N434.567 billion of the N1.703 trillion in total distributable revenue. The beneficiary states received a total of N125.284 billion in derivation money, or 13% of mineral revenue.

According to the communiqué, the Federal Government received N343.612 billion, State Governments received N174.285 billion, and Local Government Councils received N134.366 billion of the N749.727 billion distributable statutory revenue. The benefiting states received N97.464 billion, or 13 percent of mineral revenue, as derivation revenue.

The Federal Government received N107.817 billion, State Governments received N359.391 billion, and Local Government Councils received N251.573 billion from the N718.781 billion distributable Value Added Tax (VAT) revenue.

The Federal Government got N3.082 billion in total from the N20.548 billion Electronic Money Transfer Levy (EMTL). N10.274 billion went to the Local Government Councils, while N7.192 billion went to the State Governments.

The Federal Government received N98.080 billion, State Governments received N49.747 billion, Local Government Councils received N38.353 billion, and the benefiting states received N27.820 billion (13 percent of mineral revenue) as derivation revenue from the N214 billion augmentation.

Additionally, according to the FAAC, in January 2025, the Electronic Money Transfer Levy (EMTL) and the Oil and Gas Royalty had a considerable decline, while the Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies all saw significant increases.

A disagreement over the claimed failure of the Nigerian National Petroleum Company Limited (NNPCL) to deposit earnings totaling an estimated N1.7 trillion from November 2024, when the gasoline subsidy was totally eliminated, caused the FAAC meeting, which was originally planned for last week, to be postponed.