The sum of N65.422 billion additional gross revenue realized in March pushed up revenue shared by the Federation Account Allocation Committee ( FAAC) to three tiers of government in March to N1.578 trillion, an amount higher than N1.653 trillion shared in February, FAAC confirmed last night.
The revenue was shared at the April 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja, Director of information in the Office of the Accountant General of the Federation (OAGF) Mallam Bawa Mokwa said in a statement.
The statement put gross statutory revenue received during the month at N1.718 trillion. The sum it said was higher than the sum of N1.653 trillion received in the month of February 2025 by N65.422 billion.
The total distributable revenue of N1.578 trillion comprised distributable statutory revenue of N931.325 billion, distributable Value Added Tax (VAT) revenue of N 593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion and Exchange Difference revenue of N28.711 billion.
During the month under review total gross revenue of N2.411 trillion was available . The total deduction for the cost of the collection was N85.376 billion while total transfers, interventions and refunds was N747.180 billion.
Gross revenue of N637.618 billion was available from the Value Added Tax (VAT) in March 2025. This was lower than the N654.456 billion available in the month of February 2025 by N16.838 billion.
From the total distributable revenue of N1.578 trillion, the federal government received a total sum of N528.696 billion, state governments received the sum of N530.448 billion while local government councils received a total sum of N387.002 billion . The sum of N132.611 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Of the N931.325 billion distributable statutory revenue, federal government received N422.485 billion and the State Governments received N214.290 billion while local government councils received N165.209 billion and the sum of N129.341 billion (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 N89.063 billion, the State Governments received N296.875 billion and the Local Government Councils received N207.813 billion.
A total sum of N3.746 billion was received by the Federal Government from the N24.971 billion Electronic Money Transfer Levy (EMTL). The State Governments received N12.485 billion and the Local Government Councils received N8.740 billion.
From the N28.711 billion exchange difference revenue, the federal government received N13.402 billion and the State governments received N6.798 billion.The local government vouncils received N5.241 billion and a total sum of N3.270 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In March 2025, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably while Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies recorded decreases.
