The Nigerian Federal Government, states, and Local Government councils have shared a total of N1.703 trillion from the Federation Account revenue for month of January 2025.
According to a statement by the Director of Press and Public Relations of the Office of the Accountant General of the Federation, Bawa Mokwa, on Thursday in Abuja, the amount represents an increase of 19.6 per cent or N279bn higher than N1.424tn shared in December 2024.
It explained that N1.703tn total distributable revenue comprises N749.727bn in statutory revenue, N718.781bn in Value Added Tax revenue, N20.548bn from the Electronic Money Transfer Levy, and N214bn in augmentation.
The statement noted that the total gross revenue for January 2025 amounted to N2.641tn, which was slightly higher than the N2.310tn December 2024 gross revenue.
According to the statement, the Federal Government received N552.591bn, State Governments were allocated N590.614bn, and the Local Government Councils received N434.567bn.
An additional N125.284bn (13 per cent of mineral revenue) was shared with benefiting states as derivation revenue.
The breakdown showed that from the N718.781bn VAT revenue, the Federal Government received N107.817bn,, State Governments were allocated N359.391bn, and Local Government Councils received N251.573bn.
For the N20.548bn Electronic Money Transfer Levy, the Federal Government received N3.082bn, State Governments received N7.192bn, and Local Government Councils received N10.274bn.
The N214bn augmentation was shared with the Federal Government receiving N98.080bn, State Governments receiving N49.747bn, and Local Government Councils receiving N38.353bn. N27.820bn (13 per cent of mineral revenue) was allocated to the benefiting States as derivation revenue.
The statement added that increases were recorded in collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while there was a significant decrease in EMTL and Oil and Gas Royalty receipts.
GIK/APA