FAAC Allocates N1.58tn To FG. States, LGs
A total sum of N1.578tn, being March 2025 federation account revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the Federation Account Allocation Committee meeting held in Abuja.
The total distributable revenue of N1.57tn statutory revenue of N931.32bn, Value Added Tax (VAT) revenue of N 593.750bn, Electronic Money Transfer Levy (EMTL) revenue of N24.97bn and Exchange Difference revenue of N28.71bn.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.41tn was available in the month of March 2025. Total deduction for cost of collection was N85.37bn while total transfers, interventions and refunds were N747.18bn.
The communiqué stated that gross statutory revenue of N1.71tn was received for the month of March 2025. This was higher than the sum of N1.653tn received in the month of February 2025 by N65.42bn.
Gross revenue of N637.61bn was available from the Value Added Tax (VAT) in March 2025. This was lower than the N654.45bn available in the month of February 2025 by N16.83bn.
The communiqué stated that from the total distributable revenue of N1.57tn, the Federal Government received total sum of N528.69bn and the State Governments received total sum of N530.44bn.
The Local Government Councils received total sum of N387bn and a total sum of N132.61bn (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N931.325bn distributable statutory revenue, the communiqué stated that the Federal Government received N422.485bn and the State Governments received N214.29bn.
The Local Government Councils received N165.209bn and the sum of N129.341bn (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N593.750 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N89.063b, the State Governments received N296.875bn and the Local Government Councils received N207.813bn.
FAAC Allocates N1.58tn To FG. States, LGs is first published on The Whistler Newspaper
