A total sum of ₦ 1.703 trillion, being January 2025 Federation Account Revenue, has been shared with the Federal Government, states, and local government Councils.
This is according to a statement on Thursday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa.
Mokwa said that the revenue was shared at the February Federation Account Allocation Committee meeting on Thursday in Abuja.
Meanwhile, a communiqué from the FAAC meeting said that the ₦1.703 trillion total revenue comprised statutory revenue of ₦749.727 billion, and Value Added Tax revenue of ₦718.781 billion.
It also comprised Electronic Money Transfer Levy revenue of ₦20.548 billion and Augmentation of ₦214 billion.
The communiqué indicated that a total gross revenue of ₦2.641 trillion was available in January 2025.
It said that the total deduction for the cost of collection was ₦107.786 billion while total transfers, interventions, and refunds were N830.663 billion.
“Gross statutory revenue of ₦1.848 trillion was received for the month of January 2025. This was higher than the sum of ₦1.226 trillion received in the month of December 2024 by ₦622.125 billion.
“Gross revenue of ₦771.886 billion was available from the Value Added Tax (VAT) in January 2025. This was higher than the ₦649.561 billion available in the month of December 2024 by ₦122.325 billion,” the statement read.
The communiqué said that from the N1.703 trillion total distributable revenue, the Federal Government received the total sum of N552.591 billion, while the state governments received the sum of N590.614 billion.
It said that the LGCs received ₦434.567 billion, and a total sum of ₦125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“On the ₦749.727 billion distributable statutory revenue, the Federal Government received ₦343.612 billion and the state governments received ₦174.285 billion,” the statement added.
