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The Federal Government, states, and Local Government councils have shared a total of N1.703tn in Federation Account revenue for January 2025.
This amount represents an increase of 19.6 per cent or N279bn from the N1.424tn shared from December 2024 revenue
According to a press release by the Director (Press and Public Relations) at the Office of the Accountant General of the Federation, Bawa Mokwa,
on Thursday,
The N1.703tn total distributable revenue comprises N749.727bn in statutory revenue, N718.781bn in Value Added Tax revenue, N20.548bn from the Electronic Money Transfer Levy, and N214bn in augmentation.
The statement was based on a communique issued by the Federation Account Allocation Committee after its monthly meeting.
It noted that the total gross revenue for January 2025 amounted to N2.641tn, which was slightly higher than the N2.310tn December 2024 gross revenue.
The statement read, “A communiqué issued by the Federation Account Allocation Committee stated that total gross revenue of N2.641tn was available in the month of January 2025.
“Total deduction for cost of collection was N107.786bn while total transfers, interventions, refunds and savings was N830.663bn.”
According to the statement, the Federal Government received N552.591bn, State Governments were allocated N590.614bn, and the Local Government Councils received N434.567bn.
An additional N125.284bn (13 per cent of mineral revenue) was shared with benefiting states as derivation revenue.
The statement further noted that the gross statutory revenue for January 2025 stood at N1.848tn, an increase of N622.125bn from the N1.226tn recorded in December 2024.
Gross VAT revenue for the month was N771.886bn, rising by N122.325bn from N649.561bn in December.
From the N749.727bn statutory revenue, the Federal Government received N343.612bn, State Governments received N174.285bn, and the Local Government Councils received N134.366bn. N97.464bn (13 per cent of mineral revenue) was also allocated to States benefiting from derivation revenue.
From the N718.781bn VAT revenue, the Federal Government received N107.817bn, State Governments were allocated N359.391bn, and Local Government Councils received N251.573bn.
For the N20.548bn Electronic Money Transfer Levy, the Federal Government received N3.082bn, State Governments received N7.192bn, and Local Government Councils received N10.274bn.
The N214bn augmentation was shared with the Federal Government receiving N98.080bn, State Governments receiving N49.747bn, and Local Government Councils receiving N38.353bn. N27.820bn (13 per cent of mineral revenue) was allocated to the benefiting States as derivation revenue.
The communique also highlighted increases in collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while there was a significant decrease in EMTL and Oil and Gas Royalty receipts.
