FAAC: FG, states, LGs share N1.6trn for March

Thursday, 17 April 2025 04:32

FAAC: FG, states, LGs share N1.6trn for March

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FAAC: FG, states, LGs share N1.6trn for March

The Federation Account Allocation Committee (FAAC) distributed N1.578 trillion among the Federal Government, states and Local Government Councils (LGCs) for March, 2025.

A communiqué issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), detailed the revenue sharing at April's FAAC meeting in Abuja.

The N1.578 trillion revenue comprised N931.325 billion in statutory revenue, N593.750 billion from Value Added Tax (VAT), N24.971 billion from Electronic Money Transfer Levy (EMTL), and N28.711 billion from Exchange Difference revenue.

Total gross revenue available in March was N2.411 trillion. After deductions of N85.376 billion for collection costs and N747.180 billion for transfers, interventions, and refunds, the distributable revenue stood at N1.578 trillion.

March's gross statutory revenue reached N1.718 trillion, representing a N65.422 billion increase from February's N1.653 trillion. However, VAT revenue decreased to N637.618 billion from February's N654.456 billion, a reduction of N16.838 billion.

From the total distributed revenue, the Federal Government received N528.696 billion, State Governments received N530.448 billion, and LGCs received N387.002 billion. Additionally, N132.611 billion (13% of mineral revenue) was shared among oil-producing states as derivation revenue.

The statutory revenue breakdown allocated N422.485 billion to the Federal Government, N214.290 billion to State Governments, and N165.209 billion to LGCs, with oil-producing states receiving N129.341 billion in derivation revenue.

From VAT revenue, the Federal Government received N89.063 billion, State Governments N296.875 billion, and LGCs N207.813 billion.

The EMTL revenue distribution gave N3.746 billion to the Federal Government, N12.485 billion to State Governments, and N8.740 billion to LGCs.

The communiqué noted that Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while Oil and Gas royalty, EMTL, VAT, Excise Duty, Import Duty, and CET Levies all decreased.