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A total of ₦1.703 trillion from the Federation Account was distributed among the Federal Government, states, and local government councils as January 2025 revenue. This announcement came from Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, following the February Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to the communiqué from the FAAC meeting, the total revenue comprised statutory revenue of ₦749.727 billion and Value Added Tax (VAT) revenue of ₦718.781 billion. Additionally, the distribution included ₦20.548 billion from the Electronic Money Transfer Levy (EMTL) and an augmentation of ₦214 billion.
Overall, gross revenue for January 2025 was reported at ₦2.641 trillion, with ₦107.786 billion deducted for the cost of collection and ₦830.663 billion for total transfers, interventions, and refunds.
The breakdown of the distributable revenue revealed that the Federal Government received ₦552.591 billion, states received ₦590.614 billion, and local government councils received ₦434.567 billion. An additional ₦125.284 billion, representing 13% of mineral revenue, was shared among the benefiting states as derivation revenue.
The communiqué highlighted a notable increase in revenues across various streams compared to December 2024, with gross statutory revenue rising by ₦622.125 billion and VAT revenue by ₦122.325 billion.
Further details showed that from the ₦749.727 billion statutory revenue, the Federal Government received ₦343.612 billion, states ₦174.285 billion, and local government councils ₦134.366 billion. From the ₦718.781 billion VAT revenue, the Federal Government received ₦107.817 billion, states ₦359.391 billion, and local government councils ₦251.573 billion.
In terms of the EMTL revenue, the Federal Government received ₦3.082 billion, states ₦7.192 billion, and local government councils ₦10.274 billion. The ₦214 billion augmentation was shared with the Federal Government receiving ₦98.080 billion, states ₦49.747 billion, and local government councils ₦38.353 billion. An additional ₦27.820 billion, representing 13% of mineral revenue, was allocated to benefiting states as derivation revenue.
The report concluded with Bawa Mokwa noting significant increases in VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies, while observing declines in EMTL and Oil and Gas Royalty revenues.
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