Friday, 28 February 2025 04:50

FG, states, LGs share N1.7trn from January revenues, an increase of 19.6% over preceding month

Rate this item
(0 votes)

The Federation Account Allocation Committee (FAAC) has distributed N1.703 trillion in revenue for January 2025 among the Federal Government, states, and Local Government councils. This marks a significant 19.6% increase (N279 billion) compared to December 2024's allocation of N1.424 trillion.

According to a statement released Thursday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, the distributed funds comprised:

- N749.727 billion in statutory revenue

- N718.781 billion from Value Added Tax

- N20.548 billion from Electronic Money Transfer Levy

- N214 billion in augmentation

Total gross revenue for January reached N2.641 trillion, slightly higher than December's N2.310 trillion. After deductions of N107.786 billion for collection costs and N830.663 billion for transfers, interventions, refunds, and savings, the remaining funds were distributed as follows:

- Federal Government: N552.591 billion

- State Governments: N590.614 billion

- Local Government Councils: N434.567 billion

- Derivation Revenue (13% mineral revenue): N125.284 billion

January's statutory revenue increased to N1.848 trillion, up from December's N1.226 trillion, while VAT revenue rose to N771.886 billion from N649.561 billion.

The communique noted improved collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while reporting significant decreases in EMTL and Oil and Gas Royalty receipts.​​​​​​​​​​​​​​​​

June 24, 2025

Oil prices fall to over one-week lows as Trump announces Israel-Iran ceasefire

Oil prices tumbled on Tuesday to their lowest level in more than a week as…
June 25, 2025

Tinubu’s controversial biography reignites as Atiku disputes claim of Belarusian ‘schoolmate’

President Bola Tinubu’s already controversial academic record has come under renewed scrutiny following his recent…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 25, 2025

Over 40 security operatives killed by bandits in Zamfara, Daily Trust reports

One of Nigeria’s most notorious bandit kingpins, Kachalla Bello Turji, reportedly killed more than 40…
June 25, 2025

Israel Vs Iran: Here’s what to know after Day 12

Fragile ceasefire holding, Trump envoy says peace talks with Iran 'promising' The ceasefire brokered by…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.