The Federal Government, state governments, and local government councils collectively shared N1.703 trillion in Federation Account revenue for January 2025, marking a 19.6% increase from the N1.424 trillion disbursed in December 2024.
The Office of the Accountant General of the Federation disclosed this in a statement issued by its Director of Press and Public Relations, Bawa Mokwa, on Thursday.
The release was based on a communiqué from the Federation Account Allocation Committee after its monthly meeting.
According to the communiqué, the total revenue available in January 2025 stood at N2.641 trillion, surpassing the N2.310 trillion recorded in December. However, deductions for the cost of collection amounted to N107.786 billion, while N830.663 billion was allocated for transfers, interventions, refunds, and savings.
The N1.703 trillion distributed among the three tiers of government comprised N749.727 billion in statutory revenue, N718.781 billion from Value Added Tax (VAT), N20.548 billion from the Electronic Money Transfer Levy, and an augmentation of N214 billion.
From the total allocation, The Federal Government received N552.591 billion,State governments were allocated N590.614 billion, Local government councils received N434.567 billion.
An additional N125.284 billion was shared with oil-producing states as 13% derivation revenue.
The communiqué highlighted a rise in gross statutory revenue to N1.848 trillion in January, an increase of N622.125 billion compared to N1.226 trillion in December. VAT collections also grew, with January’s revenue reaching N771.886 billion, up from N649.561 billion in the previous month.
Providing a further breakdown of allocations from statutory revenue, the Federal Government received N343.612 billion, states got N174.285 billion, and local government councils received N134.366 billion. Oil-producing states were allocated N97.464 billion as derivation revenue.
For VAT revenue, the Federal Government was allocated N107.817 billion, states received N359.391 billion, and local governments got N251.573 billion.
Additionally, from the N20.548 billion collected as EMTL, the Federal Government received N3.082 billion, while state and local governments got N7.192 billion and N10.274 billion, respectively.
The N214 billion augmentation was distributed with N98.080 billion going to the Federal Government, N49.747 billion to state governments, and N38.353 billion to local government councils. A further N27.820 billion was shared as 13% derivation revenue to oil-producing states.
FAAC noted increases in revenue collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies. However, there was a significant decline in receipts from the Electronic Money Transfer Levy and Oil and Gas Royalty.
“The increase in revenue is a reflection of improved tax collection and remittances across various sectors,” the statement read.
