The total revenue accruing to the federation account from value-added tax (VAT) fell by N117.43 billion in February. It dropped from N771.89 billion in January to N654.46 billion.
This drop and the drop in revenue from the petroleum profit tax (PPT), company income tax (CIT), excise duty and import duty affected the total revenue available for distribution to the three tiers of government in February.
According to a communiqué issued by the Federation Accounts Allocation Committee (FAAC) at the end of its March 2025 meeting held in Abuja, the gross statutory revenue of N1.65 trillion, which was shared during the March meeting was lower than N1.85 trillion received in January by N194.664 billion.
FAAC said the total distributable revenue of N1.68 trillion comprised distributable statutory revenue of N827.63 billion, distributable VAT revenue of N609.43 billion, electronic money transfer levy (EMTL) revenue of N35.171 billion, solid minerals revenue of N28.218 billion and augmentation of N178 billion.
The FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun also had in attendance the new Accountant General of the Federation, Shamsedeen Ogunjimi.
According to the communiqué, a total gross revenue of N2.344 trillion was available in February 2025. The total deduction for the cost of collection was N89.092 billion while total transfers, interventions, refunds and savings were N577.097 billion.
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It stated that from the total distributable revenue of N1.678 trillion, the Federal Government received a total sum of N569.656 billion and the state governments received a total sum of N562.195 billion.
Local government councils received a total sum of N410.559 billion and a total sum of N136.042 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N827.633 billion distributable statutory revenue, the communiqué stated, the Federal Government received N366.262 billion, the state governments received N185.773 billion, local government councils received N143.223 billion and N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
It noted further that from the N609.43 billion distributable VAT revenue, the Federal Government received N91.415 billion, the state governments received N304.715 billion and the local government councils received N213.301 billion.
