The Federation Accounts Allocation Committee (FAAC) has announced that Nigeria’s gross statutory revenue rose by N622.125 billion to N1.848 trillion in January 2025 from the N1.226 trillion received in December 2024.
They stated this at the end of its February 2025 meeting in Abuja, yesterday.
FAAC also announced that N1.703 trillion, being January 2025 Federation Account Revenue, was shared among the Federal Government, states and the local councils.
It said the N1.703 trillion comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax (VAT) of N718.781 billion, Electronic Money Transfer Levy (EMTL) of N20.548 billion and Augmentation of N214 billion.
A communiqué issued by FAAC stated that gross revenue of N2.641 trillion was available in January 2025. Total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion.
According to the communiqué, gross revenue of N771.886 billion was available from VAT in January 2025. This was higher than the N649.561 billion available in December 2024 by N122.325 billion.
The communiqué further stated that from the N1.703 trillion total distributable revenue, the Federal Government received N552.591 billion, states received N590.614 billion, while local councils received N434.567 billion and N125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N749.727 billion distributable statutory revenue, the communiqué stated that the Federal Government received N343.612 billion and the states received N174.285 billion, local councils received N134.366 billion while N97.464 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
