A total of N1.678 trillion from the Federation Account revenue for February 2025 has been distributed among the Federal Government, State Governments and Local Government Councils.
The allocation was made at the March 2025 meeting of the Federation Account Allocation Committee (FAAC) on Friday in Abuja presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Compared to the N1.703 trillion shared in January 2025, the February disbursement reflects a decline of N25 billion, representing a reduction of approximately 1.47 percent in revenue allocation.
It was also revealed that an augmentation of N178 billion was distributed among the three tiers of government as follows: the Federal Government received N93.770 billion, State Governments received N47.562 billion, and Local Government Councils received N36.668 billion.
A communiqué at the end of the meeting stated that the total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, Value Added Tax (VAT) revenue of N609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and an augmentation of N178 billion.
The communiqué further revealed that gross revenue available in February 2025 was N2.344 trillion. Deductions for the cost of revenue collection amounted to N89.092 billion, while a total of N577.097 billion was allocated for transfers, interventions, refunds, and savings.
The gross statutory revenue received in February stood at N1.653 trillion, a decrease of N194.664 billion when compared to the N1.848 trillion recorded in January 2025. Additionally, gross revenue from VAT was N654.456 billion, lower than the N771.886 billion available in January by N117.430 billion.
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Out of the N1.678 trillion total distributable revenue, the Federal Government received N569.656 billion, while State Governments collectively received N562.195 billion. Local Government Councils received N410.559 billion, and N136.042 billion was allocated to oil and mineral-producing states as 13% derivation revenue.
From the N827.633 billion statutory revenue, the Federal Government received N366.262 billion, State Governments received N185.773 billion, and Local Government Councils received N143.223 billion. Additionally, N132.374 billion from this revenue was shared to eligible states as derivation revenue.
In terms of VAT, the Federal Government received N91.415 billion from the N609.430 billion VAT pool, with State Governments receiving N304.715 billion, and Local Government Councils N213.301 billion.
From the N35.171 billion EMTL revenue, the Federal Government received N5.276 billion, State Governments received N17.585 billion, and Local Government Councils received N12.310 billion.
Solid Minerals revenue of N28.218 billion was also shared, with the Federal Government receiving N12.933 billion, State Governments N6.560 billion, and Local Government Councils N5.057 billion. A total of N3.668 billion from this revenue source was disbursed to eligible states as derivation revenue.
FAAC noted a significant rise in revenues from Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) during the month of February. However, there were notable declines in collections from Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies.
The meeting was attended by key officials, including the new Accountant General of the Federation, Shamseldeen Ogunjimi, alongside representatives of the states and revenue-generating agencies.
