In February, FAAC shared N1.67 trillion among the three tiers of government, from a gross total of N2.34 trillion.

This indicates the total amount shared in March declined by N100 billion or 5.98 percent.

In a communiqué issued at the end of FAAC’s April meeting chaired by Wale Edun, minister of finance and coordinating minister of the economy, on Tuesday, the ministry said the total revenue distributable was drawn from a gross revenue of N2.411 trillion

According to Mohammed Manga, director of information and public relations at the ministry, the gross revenue comprised statutory revenue, value-added tax (VAT), electronic money transfer levy (EMTL), and exchange difference.

The communique said the federal government received N528.69 billion, the states got N530.44 billion, local government councils received N387.002 billion, and oil-producing states received N132.611 billion as derivation (13 percent of mineral revenue)

Manga added that N85.37 billion was given for the cost of collection, and N747.180 billion was allocated for transfers, intervention and refunds.

‘VAT DECLINED TO N637.61BN’

The director said VAT decreased by N16.83 billion or 2.57 percent, and gross statutory revenue increased by N65.42 billion or 3.93 percent.

“The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of March 2025, was N637.618 Billion as against N654.456 Billion distributed in the preceeding month, resulting in a decrease of N16.838 Billion,” he said.

“From that amount, the sum of N25.505 Billion was allocated for the cost of collection and the sum of N18.363 Billion given for Transfers, Intervention and Refunds.

“The remaining sum of N593.750 Billion was distributed to the three tiers of government, of which the Federal Government got N89.063 Billion, the States received N296.875 Billion and Local Government Councils got N207.813 Billion.

“Accordingly, the Gross Statutory Revenue of N1.718 Trillion received for the month was higher than the sum of N1.653 Trillion received in the previous month by N65.422 Billion. From the stated amount, the sum of N58.831 Billion was allocated for the cost of collection and a total sum of N728.817 Billion for Transfers, Intervention and Refunds.

“The remaining balance of N931.325 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N422.485 Billion, States received N214.290 Billion, the sum of N165.209 Billion was allocated to LGCs and N129.341 Billion was given to Derivation Revenue (13% Mineral producing States).

“Also, the sum of N26.011 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N3.746 Billion, States got N12.485 Billion, Local Government Councils received N8.740 Billion, while N1.040 Billion was allocated for Cost of Collection.”

The communique also said N28.71 billion from exchange difference was shared among the three tiers of government.

Manga said that from the amount, the federal government got N13.40 billion, states received N6.79 billion, local government councils got N5.241 billion, and oil-producing states received N3.270 billion.

The director added that petroleum profit tax (PPT) and the companies income tax (CIT) increased considerably, but oil and gas royalty, VAT, EMTL, excise duty, import duty and CET levies recorded a decrease.

[TheCable]