TRIBUNE
The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦1.678 trillion, representing the February 2025 Federation Account Revenue, to the Federal, State, and Local Governments.
The revenue was distributed at the March 2025 FAAC meeting held in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of ₦1.678 trillion comprised distributable statutory revenue of ₦827.633 billion, distributable Value Added Tax (VAT) revenue of ₦609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦35.171 billion, Solid Minerals revenue of ₦28.218 billion, and Augmentation of ₦178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), a total gross revenue of ₦2.344 trillion was available for the month of February 2025. The total deduction for cost of collection was ₦89.092 billion, while total transfers, interventions, refunds, and savings amounted to ₦577.097 billion.
The communiqué stated that gross statutory revenue of ₦1.653 trillion was received for the month of February 2025. This was lower than the ₦1.848 trillion received in January 2025 by ₦194.664 billion.
Gross revenue of ₦654.456 billion was available from VAT in February 2025, which was lower than the ₦771.886 billion available in January 2025 by ₦117.430 billion.
The communiqué also stated that from the total distributable revenue of ₦1.678 trillion, the Federal Government received ₦569.656 billion, the State Governments received ₦562.195 billion, and the Local Government Councils received ₦410.559 billion. Additionally, a total sum of ₦136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
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