The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.578trillion to the Federal Government, State Governments, and Local Government Councils (LGCs) for the month of March 2025, despite a drop in Value Added Tax (VAT) and oil royalty revenues.
The disbursement was confirmed in a communiqué issued after FAAC’s April meeting in Abuja, signed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
According to Mokwa, the total distributable revenue for March comprised statutory revenue of N931.325 billion, VAT revenue of N593.750 billion, Electronic Money Transfer Levy (EMTL) of N24.971 billion, and Exchange Difference revenue of N28.711 billion.
“Out of a total gross revenue of N2.411trillion received in March, N85.376 billion was deducted as cost of collection, and N747.180 billion was transferred for interventions, refunds, and other obligations,” the communiqué stated.
Revenue breakdown: Federal Government: N528.696 billion, State Governments: N530.448 billion.
“Local Government Councils: N387.002 billion, derivation to oil-producing states (13%): N132.611 billion.
On statutory revenue of N931.325 billion, the Federal Government got N422.485 billion, the States received N214.290 billion, and the LGCs got N165.209 billion.
A further N129.341 billion was distributed as 13% derivation to oil-producing states.
For VAT revenue of N593.750 billion, the Federal Government received N89.063 billion, the States took N296.875 billion, and the LGCs received N207.813 billion.
From the N24.971 billion EMTL, the Federal Government received N3.746 billion, the States got N12.485 billion, and LGCs received N8.740 billion.
Mokwa highlighted some revenue fluctuations:“Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably in March.
However, there were decreases in Oil and Gas royalties, EMTL, VAT, Excise Duty, Import Duty, and Common External Tariff (CET) levies,” he noted.
The March gross statutory revenue of N1.718 trillion represented a modest increase from February’s N1.653 trillion, up by N65.422 billion.
However, gross VAT revenue declined from N654.456 billion in February to N637.618 billion in March, a drop of N16.838 billion.
