FG, States, LGs share N1.7tn FAAC revenue in February

FG, States, LGs share N1.7tn FAAC revenue in February

By Fly Cable News

About N1.7 trillion in revenue by the Federal Account Allocation Committee (FAAC) has been shared by the federal, state and local governments in February 2025. A statement by the Director (Press and Public Relations), Bawa Mokwa on Saturday, said a total sum of N1.678 trillion was shared in the month under review.

The revenue was shared at the March 2025 FAAC meeting held in Abuja. The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.

The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.

According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. The total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings were N577.097 billion.

The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.