The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.578 trillion among the Federal Government, States and Local Government Councils as revenue for March 2025.
This was contained in a communiqué issued at the end of the FAAC meeting held in Abuja and made available to newsmen on Thursday by Mr Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant-General of the Federation.
The total distributable revenue comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion, and Exchange Difference revenue of N28.711 billion.
According to the communiqué, the total gross revenue available in March stood at N2.411 trillion. From this amount, N85.376 billion was deducted as cost of collection, while N747.180 billion was earmarked for transfers, interventions and refunds.
The gross statutory revenue for the month was N1.718 trillion, exceeding February’s figure of N1.653 trillion by N65.422 billion.
However, gross revenue from VAT in March was N637.618 billion, showing a decline of N16.838 billion from the N654.456 billion recorded in February.
From the total distributable revenue of N1.578 trillion, the Federal Government received N528.696 billion, the State Governments received N530.448 billion, while the Local Government Councils got N387.002 billion.
An additional N132.611 billion, representing 13 per cent of mineral revenue, was shared among the oil-producing states as derivation revenue.
Breakdown of the N931.325 billion statutory revenue showed that the Federal Government received N422.485 billion, the States N214.290 billion, and the Local Governments N165.209 billion. A total of N129.341 billion was allocated as 13 per cent derivation revenue.
From the VAT pool of N593.750 billion, the Federal Government got N89.063 billion, States N296.875 billion, and Local Governments N207.813 billion.
On the N24.971 billion EMTL revenue, the Federal Government received N3.746 billion, States N12.485 billion, and Local Governments N8.740 billion.
For the N28.711 billion Exchange Difference revenue, the Federal Government received N13.402 billion, States N6.798 billion, and Local Governments N5.241 billion. A total of N3.270 billion was also shared as 13 per cent derivation revenue from this category.
The communiqué noted a considerable increase in Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) during the month under review. However, revenue from Oil and Gas Royalty, EMTL, VAT, Excise Duty, Import Duty, and CET Levies recorded decreases.
