THE Federation Account Allocation Committee (FAAC) distributed a total of N1.678 trillion in February to the federal, state, and local governments.
This information was released in a communiqué by FAAC, made available to the public on Saturday, March 22, by Bawa Mokwa, the Director of Press and Public Relations for the Office of the Accountant-General of the Federation.
According to the communiqué, the total revenue of N1.678 trillion was made up of:
- Statutory Revenue: N827.633 billion
- Value-Added Tax (VAT) Revenue: N609.430 billion
- Electronic Money Transfer Levy (EMTL) Revenue: N35.171 billion
- Solid Minerals Revenue: N28.218 billion
- Augmentation: N178 billion
The total gross revenue available for distribution in February was N2.344 trillion.
The ICIR notes that the N1.678 trillion shared in February is lower than the ₦1.848 trillion shared in January 2025, representing a decrease of ₦194.664 billion.
The communiqué also detailed deductions and allocations:
- Total deduction for the cost of collection: N89.092 billion
- Total transfers, interventions, refunds, and savings: N577.097 billion
The communiqué said that gross statutory revenue of N1.653 trillion was received for February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.
It would be noted that the gross statutory revenue is a component of the total revenue generated and shared by the federation allocation committee.
It said that the local governments received a total sum of N410.559 billion, and a total sum of N136.042 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N827.633 billion statutory revenue:
- The Federal Government received: N366.262 billion
- The State Governments received: N185.773 billion
- The Local Governments received: N143.223 billion
- A total of N132.374 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.
Regarding the N609.430 billion generated from VAT:
- The Federal Government received: N91.415 billion
- The State Governments received: N304.715 billion
- The Local Governments received: N213.301 billion
From the N35.171 billion in EMTL revenue:
- The Federal Government received: N5.276 billion
- The State Governments received: N17.585 billion
- The Local Governments received: N12.310 billion
From the N28.218 billion in Solid Minerals revenue:
- The Federal Government received: N12.933 billion
- The State Governments received: N6.560 billion
- The Local Governments received: N5.057 billion
- A total of N3.668 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.
The communiqué further indicated that revenue from Oil and Gas Royalty and EMTL saw a significant increase. However, revenue from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies experienced a decrease.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.