FAAC shares N1.58tr to FG, states, LGAs in March
The Federation Account Allocation Committee (FAAC), at its April 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.578 Trillion to the three tiers of government as Federation Allocation for the month of March 2025 from a gross total of N2.411 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the Federal Government received N528.696 Billion, the States received N530.448 Billion, the Local Government Councils got N387.002 Billion, while the Oil Producing States received N132.611 Billion as Derivation, (13% of Mineral Revenue).
The sum of N85.376 Billion was given for the cost of collection, while N747.180 Billion was allocated for Transfers Intervention and Refunds.
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.
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.
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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 mentioned the sum of N28.711 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N13.402 Billion, the State received N6.798 Billion, the LGCs got N5.241Billion, while the Oil producing States received N3.270 Billion.
Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Oil and Gas Royalty, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Excise Duty, Import Duty and CET Levies recorded decreases.
According to the Communique, the total revenue distributable for the current month of March 2025, was drawn from Statutory Revenue of N931.325 Billion, Value Added Tax (VAT) of N593.750 Billion, N24.971 Billion from Electronic Money Transfer Levy (EMTL) and the sum of N28.711 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.578 Trillion.
