FAAC disburse N1.70trn to FG, States, LGs

The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1.703 trillion to the three tiers of government. This is an increase from 1.424 trillion disbursed in January 2025.

Of the amount which was disbursed during the February 2025 FAAC meeting held in Abuja on Thursday, the federal government received total sum of N552.591 billion, state governments received total sum of N590.614 billion and N434.567 billion was disbursed to the local government councils.

Also, a total sum of N125.284 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

The total amount disbursed comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax (VAT) revenue of N718.781 billion, Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion and Augmentation of N214 billion.

As contained in a communique issued at the end of the meeting, a total gross revenue of N2.641 trillion was available in the month of January 2025. This is higher than N2.310 trillion gross revenue recorded in December 2024.

The total deduction for cost of collection in the period was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion.

According to the communiqué, “gross statutory revenue of N1.848 trillion was received for the month of January 2025. This was higher than the sum of N1.226 trillion received in the month of December 2024 by N622.125 billion.

“Gross revenue of N771.886 billion was available from the Value Added Tax (VAT) in January 2025. This was higher than the N649.561 billion available in the month of December 2024 by N122.325 billion.”

Of the N749.727 billion statutory revenue disbursed, the federal government received N343.612 billion, the state governments received N174.285 billion and the local government councils received N134.366 billion, while the sum of N97.464 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.

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Also, N20.548 billion Electronic Money Transfer Levy (EMTL) was shared among the tiers of government, of which federal government received a total sum of N3.082 billion, state governments received N7.192 billion and the local government councils received N10.274 billion.

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

“From the N214 billion Augmentation, the Federal Government received N98.080 billion and the State Governments received N49.747 billion. The Local Government Councils received N38.353 billion and a total sum of N27.820 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue,” it stated.