***FAAC Disburses N931.3bn Statutory Revenue, N593.7bn VAT
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.578 trillion as March 2025 federation revenue to the Federal Government, 36 states, and the 774 local government councils.
This was disclosed in a statement issued by Mr. Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation, following the FAAC meeting held on Tuesday in Abuja.
The shared revenue comprised N931.325 billion from statutory allocations, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion from Exchange Difference revenue.
According to the FAAC communiqué, total gross revenue available in March stood at N2.411 trillion, higher than February’s N2.308 trillion. Deductions for the cost of collection totalled N85.376 billion, while N747.180 billion was earmarked for transfers, interventions, and refunds.
Revenue Breakdown
From the total distributable revenue of N1.578 trillion, the Federal Government received N528.696 billion, the State Governments N530.448 billion, and the Local Government Councils N387.002 billion. Additionally, N132.611 billion was disbursed to oil-producing states as 13% derivation revenue.
Under the N931.325 billion statutory revenue, the Federal Government received N422.485 billion, States N214.290 billion, and LGAs N165.209 billion, while N129.341 billion was allocated as derivation revenue.
For the N593.750 billion VAT pool, the Federal Government received N89.063 billion, State Governments N296.875 billion, and LGAs N207.813 billion.
From the N24.971 billion EMTL, the Federal Government got N3.746 billion, States N12.485 billion, and LGAs N8.740 billion.
The N28.711 billion Exchange Difference revenue was shared as follows: Federal Government — N13.402 billion, States — N6.798 billion, LGAs — N5.241 billion, and N3.270 billion as derivation revenue.
Trends in Revenue Sources
FAAC reported a significant increase in collections from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) for March 2025. However, revenue from Oil and Gas Royalties, VAT, EMTL, Excise Duty, Import Duty, and CET Levies experienced declines.
