The Federation Account Allocation Committee has shared a total sum of N1.578 trillion to the Federal Government, state governments, and local government councils for March 2025.
This was disclosed in a statement on Sunday night by the Office of the Accountant-General of the Federation, which stated that the distributed revenue was drawn from the gross Federation Account inflow of N2.411 trillion for the month.
According to the breakdown, the N1.578 trillion total distributable 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 Exchange Difference revenue of N28.711 billion.
The Federal Government received N528.696 billion, state governments got N530.448 billion, and local government councils received N387.002 billion.
Additionally, N132.611 billion was shared to oil-producing states as 13% derivation revenue.
The statement noted that gross statutory revenue for March stood at N1.718 trillion, up by N65.422 billion from the N1.653 trillion recorded in February.
However, gross VAT revenue fell to N637.618 billion in March, down by N16.838 billion compared to the N654.456 billion posted in February.
From the statutory revenue of N931.325 billion, the Federal Government received N422.485 billion, state governments received N214.290 billion, while local councils got N165.209 billion. A total of N129.341 billion was allocated to derivation states.
For the VAT revenue of N593.750 billion, the Federal Government received N89.063 billion, state governments received N296.875 billion, and local councils got N207.813 billion.
In addition, from the N24.971 billion Electronic Money Transfer Levy, the Federal Government received N3.746 billion, while states and local governments received N12.485 billion and N8.740 billion respectively.
Also, the N28.711 billion Exchange Difference revenue was shared as follows: Federal Government – N13.402 billion; state governments – N6.798 billion; and local councils – N5.241 billion.
Oil-producing states also received N3.270 billion from this component as 13% derivation.
Meanwhile, the government observed a significant increase in Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) during the month under review.
However, revenues from Oil and Gas Royalty, EMTL, VAT, Excise Duty, Import Duty, and CET Levies all recorded decreases.
Deductions for the cost of collection amounted to N85.376 billion, while N747.180 billion was recorded as transfers, interventions, and refunds.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
