A total of N1.678 trillion from the Federation Account revenue for February 2025 has been allocated to the Federal Government, State Governments, and Local Government Councils.
This distribution occurred during the March 2025 meeting of the Federation Account Allocation Committee (FAAC) in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
In comparison to the N1.703 trillion shared in January 2025, the February allocation shows a decline of N25 billion, equivalent to a reduction of approximately 1.47 per cent in revenue allocation.
Additionally, an augmentation of N178 billion was distributed among the three tiers of government: the Federal Government received N93.770 billion, State Governments obtained N47.562 billion, and Local Government Councils were allocated N36.668 billion.
A communiqué issued at the conclusion of the meeting indicated that the total distributable revenue of N1.678 trillion comprised N827.633 billion in distributable statutory revenue, N609.430 billion from Value Added Tax (VAT), N35.171 billion from Electronic Money Transfer Levy (EMTL), N28.218 billion from Solid Minerals revenue, and the N178 billion augmentation.
The communiqué further disclosed that the gross revenue available in February 2025 amounted to N2.344 trillion. Deductions for the cost of revenue collection totalled N89.092 billion, while N577.097 billion was earmarked for transfers, interventions, refunds, and savings.
The gross statutory revenue for February stood at N1.653 trillion, marking a decrease of N194.664 billion compared to the N1.848 trillion recorded in January 2025. Moreover, gross revenue from VAT amounted to N654.456 billion, down N117.430 billion from the N771.886 billion available in January.
From the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, State Governments collectively received N562.195 billion, and Local Government Councils received N410.559 billion. Additionally, N136.042 billion was allocated to oil and mineral-producing states as 13% derivation revenue.
Of the N827.633 billion in statutory revenue, the Federal Government received N366.262 billion, State Governments received N185.773 billion, and Local Government Councils received N143.223 billion. Furthermore, N132.374 billion from this revenue was distributed to eligible states as derivation revenue.
In terms of VAT, the Federal Government received N91.415 billion from the N609.430 billion VAT pool, while State Governments received N304.715 billion and Local Government Councils received N213.301 billion.
From the N35.171 billion EMTL revenue, the Federal Government received N5.276 billion, State Governments received N17.585 billion, and Local Government Councils received N12.310 billion.
The Solid Minerals revenue of N28.218 billion was shared as follows: the Federal Government received N12.933 billion, State Governments received N6.560 billion, and Local Government Councils received N5.057 billion. Additionally, N3.668 billion from this revenue source was allocated to eligible states as derivation revenue.
FAAC noted a significant increase in revenues from Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) during February. However, there were marked declines in collections from Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies.
Key officials attended the meeting, including the newly appointed Accountant General of the Federation, Shamseldeen Ogunjimi, alongside representatives from the states and revenue-generating agencies.
