FAAC disburses N1.6 trn to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.578 trillion to the federal, state, and local governments, representing revenue generated in March 2025.

This was disclosed in a statement released by the Office of the Accountant-General of the Federation, which confirmed that the allocation was drawn from the Federation Account for the month under review.

The breakdown of the distributed funds includes N931.325 billion from statutory revenue, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion from exchange difference revenue.

Total gross revenue of N2.411 trillion was available in the month of March 2025.

Total deduction for cost of collection was N85.376 billion while total transfers, interventions and refunds was N747.180 billion.

The government stated that gross statutory revenue of N1.718 trillion was received for the month of March 2025.

This was higher than the sum of N1.653 trillion received in the month of February 2025 by N65.422 billion.

Gross revenue of N637.618 billion was available from the Value Added Tax (VAT) in March 2025. This was lower than the N654.456 billion available in the month of February 2025 by N16.838 billion.

From the total distributable revenue of N1.578 trillion, the Federal Government received total sum of N528.696 billion and the State Governments received total sum of N530.448 billion.

The Local Government Councils received total sum of N387.002 billion and a total sum of N132.611 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N931.325 billion distributable statutory revenue, the communiqué stated that the Federal Government received N422.485 billion and the State Governments received N214.290 billion.

The Local Government Councils received N165.209 billion and the sum of N129.341 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N593.750 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N89.063 billion, the State Governments received N296.875 billion and the Local Government Councils received N207.813 billion.

A total sum of N3.746 billion was received by the Federal Government from the N24.971 billion Electronic Money Transfer Levy (EMTL). The State Governments received N12.485 billion and the Local Government Councils received N8.740 billion.

From the N28.711 billion Exchange Difference revenue, the Federal Government received N13.402 billion and the State Governments received N6.798 billion.

The Local Government Councils received N5.241 billion and a total sum of N3.270 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

In March 2025, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably while Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies recorded decreases.