The sum of ₦1.703 trillion, representing the Federation Account revenue for January 2025, has been distributed among the Federal Government, state governments, and local government councils.
This was disclosed in a statement on Thursday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation.
Mokwa stated that the revenue was shared during the February meeting of the Federation Account Allocation Committee (FAAC) in Abuja.
According to the FAAC communiqué, the total revenue of ₦1.703 trillion consisted of ₦749.727 billion in statutory revenue, ₦718.781 billion from Value Added Tax (VAT), ₦20.548 billion from the Electronic Money Transfer Levy, and an augmentation of ₦214 billion.
The communiqué further revealed that the total gross revenue available in January 2025 amounted to ₦2.641 trillion. Deductions for the cost of collection stood at ₦107.786 billion, while transfers, interventions, and refunds totaled ₦830.663 billion.
“Gross statutory revenue for January 2025 was ₦1.848 trillion, an increase of ₦622.125 billion compared to the ₦1.226 trillion received in December 2024,” the statement noted.
Similarly, VAT revenue for January 2025 stood at ₦771.886 billion, exceeding the ₦649.561 billion recorded in December 2024 by ₦122.325 billion.
From the total distributable revenue of ₦1.703 trillion, the Federal Government received ₦552.591 billion, while state governments got ₦590.614 billion.
Local government councils were allocated ₦434.567 billion, and ₦125.284 billion (13% of mineral revenue) was shared among the oil-producing states as derivation revenue.
Of the ₦749.727 billion statutory revenue, the Federal Government received ₦343.612 billion, while states got ₦174.285 billion.
