The Federation Account Allocation Committee (FAAC) has shared a total of N1.578 trillion among the Federal Government, the 36 states, and the 774 Local Government Councils (LGAs) as revenue for the month of March 2025.

According to a communiqué released by Mr Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), the distribution took place at the April meeting of FAAC held in Abuja.

The shared revenue comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, Electronic Money Transfer Levy (EMTL) revenue of N24.971 billion, and an Exchange Difference revenue of N28.711 billion.

The communiqué revealed that the total gross revenue available for distribution in March was N2.411 trillion. 

However, deductions for the cost of collection amounted to N85.376 billion, while transfers, interventions, and refunds totaled N747.180 billion.

A breakdown of the statutory revenue showed a gross of N1.718 trillion received in March, which is higher than the N1.653 trillion received in February by N65.422 billion. 

In contrast, the gross VAT revenue of N637.618 billion available in March was lower than the N654.456 billion recorded in February, marking a decrease of N16.838 billion.

From the total distributed sum of N1.578 trillion, the Federal Government received N528.696 billion, while the State Governments got a total of N530.448 billion.

The local government councils received N387.002 billion, and an additional N132.611 billion, representing 13% of mineral revenue, was allocated to the benefiting states as derivation revenue.

Specifically, from the N931.325 billion statutory revenue, the Federal Government received N422.485 billion, the State Governments received N214.290 billion, and the LGCs received N165.209 billion.

The sum of N129.341 billion was shared as derivation revenue.

The VAT revenue of N593.750 billion was shared with the Federal Government receiving N89.063 billion, the State Governments receiving N296.875 billion, and the LGCs receiving N207.813 billion.

From the N24.971 billion EMTL, the Federal Government received N3.746 billion, the State Governments received N12.485 billion, and the LGCs received N8.740 billion.

The communiqué further indicated that while Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) witnessed considerable increases in March, revenues from Oil and Gas royalty, EMTL, VAT, Excise Duty, Import Duty, and CET Levies experienced decreases.