Governments Distribute N1.678 Trillion Revenue for March

A total of N1.678 trillion, representing February 2025 revenue to the federation account, has been allocated to the three tiers of government for distribution in March.

This allocation was finalized during the March 2025 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja. A statement from the Office of the Accountant General of the Federation (OAGF) confirmed the development.

The meeting was chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, and attended by Shamseldeen Ogunjimi, the Accountant General of the Federation.

The N1.678 trillion distributable revenue includes various sources: N827.633 billion from statutory revenue, N609.430 billion from Value Added Tax (VAT), N35.171 billion from the electronic money transfer levy, N28.218 billion from solid minerals, and an augmentation of N178 billion.

For February 2025, the gross revenue stood at N2.344 trillion. After deductions for collection costs (N89.092 billion) and transfers, interventions, refunds, and savings (N577.097 billion), the remaining distributable amount was N1.678 trillion.

The statement revealed that the gross statutory revenue for February 2025 amounted to N1.653 trillion, a decline of N194.664 billion compared to January’s N1.848 trillion. The VAT revenue for the month was N654.456 billion, which was also lower than January’s N771.886 billion by N117.430 billion.

From the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion. The 36 states were allocated N562.195 billion, while local governments received N410.559 billion. Additionally, N136.042 billion was disbursed as the 13% mineral revenue allocation to states as derivation.

Breaking down the N827.633 billion statutory revenue, the communiqué stated that the Federal Government received N366.262 billion, while state governments were allocated N185.773 billion. Local governments received N143.223 billion, and N132.374 billion (13% of mineral revenue) was shared among the states as derivation.

The N609.430 billion VAT revenue was divided as follows: the Federal Government received N91.415 billion, the states got N304.715 billion, and local governments were allocated N213.301 billion.

From the N35.171 billion collected from electronic money transfer levies, the Federal Government received N5.276 billion, the states received N17.585 billion, and local governments got N12.310 billion.

The N28.218 billion solid minerals revenue was distributed as follows: the Federal Government received N12.933 billion, states received N6.560 billion, and local governments were allocated N5.057 billion. Additionally, N3.668 billion (13% of mineral revenue) was shared with the benefiting states.

Lastly, the N178 billion augmentation was distributed with the Federal Government receiving N93.770 billion, the states getting N47.562 billion, and local governments allocated N36.668 billion.