FAAC Disburses N1.678tn to FG, States, LGs for February

Francis Ndubuisi in Abuja

The Federation Account Allocation Committee (FAAC) has shared N1.678 trillion among the federal government, states, and local government areas (LGAs) for February 2025.
This represents a decrease of N25 billion from a total of N1.703 trillion shared for January 2025.
The distributable revenue in January was a notable 19.6 per cent increase, or N279 billion, compared to the N1.424 trillion shared by the three tiers of government in December 2024.

The February 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, according to a communiqué issued by FAAC and made available by the Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa.

The communique showed that the total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and Augmentation of N178 billion.
The communiqué stated that a total gross revenue of N2.344 trillion was available in February.
“Total deduction for the cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion,’” it said.

The communiqué said that gross statutory revenue of N1.653 trillion was received for February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.
It said that gross revenue of N654.456 billion was available from VAT in February, lower than the N771.886 billion available in January by N117.430 billion.

The communiqué said that from the total distributable revenue of N1.678 trillion, the Federal Government received a total sum of N569.656 billion and the state governments received a total sum of N562.195 billion.

It said that the LGAs received total sum of N410.559 billion, and a total sum of N136.042 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“On the N827.633 billion statutory revenue, the federal government received N366.262 billion and the state governments received N185.773 billion.

“The LGAs received N143.223 billion and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué said.
It said that from the N609.430 billion VAT revenue, the federal government received N91.415 billion, the state governments received N304.715 billion and the LGAs received N213.301 billion.

“A total sum of N5.276 billion was received by the federal government from the N35.171 billion EMTL. The state governments received N17.585 billion and the LGAs received N12.310 billion.
“From the N28.218 billion Solid Minerals revenue, the federal government received N12.933 billion and the state governments received N6.560 billion.

“The LGAs received N5.057 billion and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,’” it said.
It said that Oil and Gas Royalty and EMTL, increased significantly while VAT, Petroleum Profit Tax (PPT), Companies Income Tax, Excise Duty, Import Duty, and CET Levies recorded a decrease.