The Federation Account Allocation Committee, FAAC, shared N1.578 trillion to federal, state and local government councils as revenue for March 2025.
This is contained in a communiqué on Tuesday after a FAAC meeting held in Abuja.
The total distributable revenue of N1.578 trillion comprised distributable statutory revenue of N931.325 billion, distributable Value Added Tax, VAT revenue of N593.750 billion, Electronic Money Transfer Levy, EMTL revenue of N24.971 billion and Exchange Difference revenue of N28.711 billion.
According to FAAC's communiqué, a total gross revenue of N2.411 trillion was available in the month of March 2025. Total deduction for cost of collection was N85.376 billion while total transfers, interventions and refunds was N747.180 billion.
It stated that gross statutory revenue of N1.718 trillion was received for the month of March 2025.
This was higher than the sum of N1.653 trillion received in the month of February 2025 by N65.422 billion.
Gross revenue of N637.618 billion was available from VAT in March 2025. This was lower than the N654.456 billion available in the month of February 2025 by N16.838 billion.
The communiqué stated that from the total distributable revenue of N1.578 trillion, the Federal Government received a total sum of N528.696 billion and state governments received a total sum of N530.448 billion.
The communiqué stated that from the total distributable revenue of N1.578 trillion, the Federal Government received a total sum of N528.696 billion and the state governments received a total sum of N530.448 billion.
The local government councils received a total sum of N387.002 billion and a total sum of N132.611 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N931.325 billion distributable statutory revenue, the communiqué stated that the Federal Government received N422.485 billion and state governments received N214.290 billion.
Local government councils received N165.209 billion and the sum of N129.341 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N593.750 billion distributable VAT revenue, the Federal Government received N89.063 billion, state governments received N296.875 billion and local government councils received N207.813 billion.
A total sum of N3.746 billion was received by the Federal Government from the N24.971 billion Electronic Money Transfer Levy, EMTL. State governments received N12.485 billion and local government councils received N8.740 billion.
From the N28.711 billion exchange difference revenue, the Federal Government received N13.402 billion and state governments received N6.798 billion.
Local government councils received N5.241 billion and a total sum of N3.270 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
In March 2025, Petroleum Profit Tax, PPT, and Companies Income Tax, CIT, increased considerably while Oil and Gas royalty, EMTL, VAT, excise duty, import duty and CET levies recorded decreases.
