Nigeria’s three tiers of government, the Federal Government, States and the Local Government Councils, have shared the sum of ₦1.703 trillion revenue for January.
This was discussed in a communiqué on Thursday by the Federation Accounts Allocation Committee (FAAC), made available to journalists on Thursday by the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, at the end of FAAC meeting.
According to the communiqué, the ₦1.703 trillion total revenue comprised statutory revenue of ₦749.727 billion, Value Added Tax (VAT) revenue of ₦718.781 billion.
Besides, Electronic Money Transfer Levy (EMTL) also contributed the sum of ₦20.548 billion to the revenue, and Augmentation of ₦214 billion.
It said that the total gross revenue of ₦2.641 trillion was available in the month of January.
“Total deduction for cost of collection was ₦107.786 billion while total transfers, interventions, refunds and savings was ₦830.663 billion,” it said.
It said that gross statutory revenue of ₦1.848 trillion was received for the month of January.
“This was higher than the sum of ₦1.226 trillion received in December, 2024 by ₦622.125 billion.
“Gross revenue of ₦771.886 billion was available from VAT in January, which was higher than the ₦649.561 billion available in December, 2024 by ₦122.325 billion,” it said.
The communiqué said that from the N1.703 trillion total revenue, the Federal Government received the sum of ₦552.591 billion and the State governments received ₦590.614 billion.
“The LGCs received the sum of ₦434.567 billion and a total sum of ₦125.284 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
“On the ₦749.727 billion statutory revenue, the Federal Government received ₦343.612 billion and the State governments received ₦174.285 billion.
“The LGCs received ₦134.366 billion, and the sum of ₦97.464 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.
The communiqué further stated that from the ₦718.781 billion VAT revenue, the Federal Government received ₦107.817 billion, the State governments received ₦359.391 billion and the LGCs received ₦251.573 billion.
It said that a total sum of ₦3.082 billion was received by the Federal Government from the ₦20.548 billion EMTL, from which the State governments received ₦7.192 billion and the LGCs received ₦10.274 billion.
“From the ₦214 billion augmentation, the Federal Government received ₦98.080 billion and the State governments received ₦49.747 billion.
“The LGCs received ₦38.353 billion, and a total sum of ₦27.820 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
“In January, VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty and CET Levies increased significantly while EMTL and oil and gas royalty decreased considerably,” it said.
