The Federation Account Allocation Committee (FAAC) has shared a record N2.225 trillion revenue to the Federal Government, states, local governments, and other statutory recipients for August 2025.
The communiqué issued at the end of the FAAC meeting in Abuja on Wednesday said the figure marked the second consecutive month that allocations crossed the N2 trillion mark.
It explained that the revenue was buoyed by increases in oil and gas royalty, Value Added Tax (VAT), and Common External Tariff (CET) levies.
Out of the total distributable revenue, N1.478 trillion was drawn from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué stated that gross federation revenue for August stood at N3.635 trillion, from which N124.839 billion was deducted as cost of collection, while N1.285 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, state governments got N347.168 billion, and local government councils received N267.652 billion. Oil-producing states received N179.311 billion as 13 per cent derivation revenue.
From VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, states received N336.452 billion, and local governments received N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, states received N16.169 billion, while local governments got N11.318 billion.
From the N41.284 billion Exchange Difference, the Federal Government received N19.799 billion, states received N10.042 billion, local governments got N7.742 billion, while N3.701 billion was shared as 13 per cent derivation to oil-producing states.
The communiqué, however, disclosed that gross statutory revenue dropped to N2.838 trillion in August, compared to N3.070 trillion in July, reflecting a decline of N231.913 billion.
It attributed the decline to decreases in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import Duty, Excise Duty, and EMTL, even as VAT, oil and gas royalty, and CET levies recorded increases.
