February 27, (THEWILL) – The Federation Account Allocation Committee has disbursed a total of N1.703 trillion as January 2025 revenue to the Federal Government, states, and local government councils.

Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, disclosed this in a statement on Thursday after the FAAC meeting in Abuja.

A communiqué issued by FAAC, signed by the spokesperson for the Accountant General of the Federation, Bawa Mokwa, detailed that the total revenue shared comprised statutory revenue of N749.727 billion, Value Added Tax revenue of N718.781 billion, Electronic Money Transfer Levy of N20.548 billion, and an augmentation fund of N214 billion.

The communiqué further revealed that gross statutory revenue for January 2025 stood at N1.848 trillion, reflecting a significant increase of N622.125 billion compared to the N1.226 trillion received in December 2024.

Similarly, VAT revenue rose to N771.886 billion, up by N122.325 billion from the N649.561 billion recorded in December 2024.

From the N1.703 trillion total distributable revenue, the Federal Government received N552.591 billion, state governments got N590.614 billion, while local government councils were allocated N434.567 billion. Benefiting states received N125.284 billion as 13 percent derivation revenue.

From the N749.727 billion statutory revenue, the Federal Government received N343.612 billion, state governments got N174.285 billion, local governments received N134.366 billion, while derivation revenue for mineral-producing states stood at N97.464 billion.

The N718.781 billion VAT revenue was shared with the Federal Government receiving N107.817 billion, state governments getting N359.391 billion, and local governments allocated N251.573 billion.

For the N20.548 billion Electronic Money Transfer Levy, the Federal Government received N3.082 billion, state governments got N7.192 billion, and local governments received N10.274 billion.

The N214 billion augmentation fund was distributed with the Federal Government receiving N98.080 billion, state governments getting N49.747 billion, local governments allocated N38.353 billion, while mineral-producing states got N27.820 billion as derivation revenue.

FAAC noted that revenues from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies recorded significant growth in January 2025. However, Electronic Money Transfer Levy and Oil and Gas Royalty saw a decline.