Gross statutory revenue rises by N622.1b as FG, states, LGAs share N1.703tr

Nigeria’s gross statutory revenue rose by N622.125 billion to N1.848 trillion in January 2025 from the N1.226 trillion received in December 2024.

This was announced by the Federation Accounts Allocation Committee (FAAC) at the end of its February 2025 meeting in Abuja on Thursday.

FAAC also announced that a total sum of N1.703 trillion, being January 2025 Federation Account Revenue, was shared with the Federal Government, States, and Local Government Councils.

It said the N1.703 trillion total distributable revenue comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax (VAT) revenue of N718.781 billion, Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion, and an augmentation of N214 billion.

A communiqué issued by the FAAC stated that the total gross revenue of N2.641 trillion was available in January 2025. The total deduction for the cost of collection was N107.786 billion, while total transfers, interventions, refunds, and savings amounted to N830.663 billion.

According to the communiqué, gross revenue of N771.886 billion was available from the Value Added Tax (VAT) in January 2025. This was higher than the N649.561 billion available in December 2024 by N122.325 billion.

The communiqué further stated that from the N1.703 trillion total distributable revenue, the Federal Government received N552.591 billion, State Governments received N590.614 billion, while Local Government Councils received N434.567 billion. A total sum of N125.284 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

On the N749.727 billion distributable statutory revenue, the communiqué stated that the Federal Government received N343.612 billion, the State Governments received N174.285 billion, the Local Government Councils received N134.366 billion, while the sum of N97.464 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

From the N718.781 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N107.817 billion, the State Governments received N359.391 billion, and the Local Government Councils received N251.573 billion.

A total sum of N3.082 billion was received by the Federal Government from the N20.548 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.192 billion, and the Local Government Councils received N10.274 billion.

From the N214 billion augmentation, the Federal Government received N98.080 billion, the State Governments received N49.747 billion, the Local Government Councils received N38.353 billion, and a total sum of N27.820 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

FAAC also reported that in January 2025, Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies increased significantly, while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty decreased considerably.

The FAAC meeting was earlier scheduled for last week but was postponed due to some disagreement over the alleged failure of the Nigerian National Petroleum Company Limited (NNPCL) to remit revenues amounting to an estimated N1.7 trillion from November 2024, when the petrol subsidy was fully removed.