The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.678 trillion to the federal, state, and local governments for March 2025 expenditures. This comes from the gross revenue of N2.344 trillion generated in February.
According to a statement issued by the Office of the Accountant-General of the Federation, total deductions for cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings stood at N577.097 billion. The FAAC meeting was chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant-General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion consisted of N827.633 billion in statutory revenue, N609.430 billion in Value Added Tax (VAT), N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion from solid minerals revenue, and an augmentation of N178 billion.
The amount shared this month was N194.664 billion lower than the N1.848 trillion disbursed in the previous month. The VAT revenue of N654.456 billion was also lower than last month’s N771.886 billion by N117.430 billion.
From the total allocation, the federal government received N569.656 billion, while state governments got N562.195 billion, and local government councils were allocated N410.559 billion. Additionally, N136.042 billion was shared with oil-producing states as derivation revenue.
In the breakdown of the N827.633 billion statutory revenue, the federal government received N366.262 billion, state governments got N185.773 billion, local government councils received N143.223 billion, and N132.374 billion was allocated to oil-producing states as derivation revenue.
From the N609.430 billion VAT revenue, the federal government received N91.415 billion, state governments got N304.715 billion, and local governments were allocated N213.301 billion.
The federal government also received N5.276 billion from the N35.171 billion EMTL revenue, while state governments got N17.585 billion and local governments received N12.310 billion.
For the N28.218 billion solid minerals revenue, the federal government received N12.933 billion, state governments got N6.560 billion, local governments received N5.057 billion, and oil-producing states were allocated N3.668 billion as derivation revenue.
The N178 billion augmentation was distributed with N93.770 billion going to the federal government, N47.562 billion to state governments, and N36.668 billion to local governments.
The statement noted that while Oil and Gas Royalty and EMTL revenue increased significantly, VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies declined.