The Federation Account Allocation Committee (FAAC),on Thursday disbursed a total sum of N1.703 trillion to the three tiers of government and other stakeholders from a gross total of N2.641 trillion for the month of January 2025.
The total distributable revenue of N1.703 trillion for the month of January was drawn from Statutory Revenue of N749.727 billion, Value Added Tax (VAT) of N718.781 billion, N20.548 billion from Electronic Money Transfer Levy (EMTL), and an Augmentation of N214 billion.
Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies increased significantly, while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty decreased considerably in the reference month.
The disbursement which was held at the February meeting of FAAC was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The distributed amount which comprised Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) saw the federal government receiving N552.591 billion, states got N590.614 billion, local government councils got N434..567 billion, while the oil producing states received N125.284 billion as 13 per cent derivation.
The sum of N107.786 billion was for the cost of collection, while N830.663 billion was allocated for Transfers Intervention and Refunds.
Citing a communique issued by the FAAC) at the end of the meeting, the Director, Press and Public Relations, Mohammed Manga said that the Gross Revenue available from VAT for the month of January 2025, was N771.886 billion as against N849.561 billion distributed in the preceding month, indicating an increase of N122.325 billion.
From that amount, the sum of N30.875 billion was allocated for the cost of collection and N22.230 billion given for transfers, Intervention and refunds.
The remaining sum of N718.781 billion was distributed to the three tiers of government, with the federal government getting N107.817 billion, the states receiving N359.391 billion and local government councils getting N251.573 billion.
The communique noted that the Gross Statutory Revenue of N1.848 trillion received for the month of January was higher than the sum of N1.226 trillion in the previous month by N622.125 billion.
From the stated amount, the sum of N76.055 billion was allocated for the cost of collection and a total sum of N1.022 trillion for transfers, intervention and Refunds.
The remaining balance of N749.727 billion was distributed
The federal government got the sum of N343.612 billion, states received N174.285 billion, whil3 the sum of N134.366 billion was allocated to the local councils even as N97.464 billion was allocated as 13 per cent to derivation revenue to mineral producing states.
Also, the sum of N21.404 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government.
The federal government received N3.082 billion, states got N7.192 billion, local government councils received N10.274 billion, while N0.856 billion was allocated for cost of collection.
The communique also disclosed that the sum of N214 billion was added as Augmentation and was distributed to the three tiers of government.
The federal government got N98.080 billion, states received N49.747 billion, local councils got N38.353 billion, while the oil producing states received N27.820 billion.
Ndubuisi Francis
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