The Federal Government, state governments, and local government councils have shared a total of N1.678 trillion as Federation Account revenue for February 2025, according to a communiqué issued after the Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The figure represents a slight decline from the N1.703 trillion shared in January, reflecting a drop in key revenue streams including VAT, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT).
This is according to a press statement on Saturday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi, and other senior government officials.
What FAAC shared from February revenue
- The N1.678 trillion shared comprised N827.633 billion from statutory revenue, N609.430 billion from Value Added Tax (VAT), N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion from Solid Minerals revenue, and an augmentation of N178 billion.
- The total gross revenue available in February stood at N2.344 trillion. From this amount, N89.092 billion was deducted as the cost of collection, while N577.097 billion was allocated to transfers, interventions, refunds, and savings.
Decline in statutory and VAT revenues
Gross statutory revenue fell to N1.653 trillion in February, down by N194.664 billion from the N1.848 trillion recorded in January 2025. Similarly, gross VAT revenue declined to N654.456 billion, compared to N771.886 billion in the previous month, representing a decrease of N117.430 billion.
These declines contributed to the lower distributable revenue in February, despite a noticeable increase in earnings from Oil and Gas Royalty and EMTL during the month.
While revenue from electronic transfers and royalties improved in February, overall earnings were affected by declines in VAT and other major tax sources.
How the revenue was shared
- From the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, state governments received N562.195 billion, and local government councils received N410.559 billion. Oil-producing states got N136.042 billion as 13% derivation revenue from mineral sources.
- Out of the N827.633 billion statutory revenue, the Federal Government received N366.262 billion, while the states and LGs received N185.773 billion and N143.223 billion respectively. The derivation revenue component from statutory earnings stood at N132.374 billion.
- For VAT, the Federal Government received N91.415 billion, the states received N304.715 billion, and LGs got N213.301 billion.
- From the EMTL pool of N35.171 billion, the Federal Government got N5.276 billion, the states received N17.585 billion, and LGs received N12.310 billion.
- The Solid Minerals revenue of N28.218 billion was shared with the Federal Government receiving N12.933 billion, the states receiving N6.560 billion, and LGs getting N5.057 billion. An additional N3.668 billion was allocated as derivation revenue to mineral-producing states.
- The N178 billion augmentation was distributed with N93.770 billion to the Federal Government, N47.562 billion to states, and N36.668 billion to local councils.
