The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.659 trillion as May 2025 revenue to the federal, state, and local governments.
The revenue was shared during FAAC’s June meeting held in Abuja on Wednesday, as stated in a communiqué released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
According to the communiqué, the N1.659 trillion shared included:
N863.895 billion in statutory revenue
N691.714 billion from Value Added Tax (VAT)
N27.667 billion from Electronic Money Transfer Levy (EMTL)
N76.614 billion from Exchange Difference
Gross revenue for May stood at N2.942 trillion. From this, N111.908 billion was deducted as collection costs, and N1.171 trillion went to transfers, interventions, and refunds.
Breakdown of the N1.659 trillion allocation:
Federal Government: N538.004 billion
State Governments: N577.841 billion
Local Government Councils: N419.968 billion
Oil-producing states: N124.076 billion as 13% derivation
From the N863.895 billion statutory revenue:
FG: N393.518 billion
States: N199.598 billion
LGs: N153.881 billion
Derivation: N116.898 billion
From the N691.714 billion VAT revenue:
FG: N103.757 billion
States: N345.857 billion
LGs: N242.100 billion
From the N27.667 billion EMTL:
FG: N4.150 billion
States: N13.833 billion
LGs: N9.683 billion
From the N76.614 billion Exchange Difference:
FG: N36.579 billion
States: N18.553 billion
LGs: N14.304 billion
Derivation: N7.178 billion
The communiqué also noted significant increases in Companies Income Tax (CIT), VAT, and Import Duty. However, revenues from CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and EMTL declined slightly. Excise Duty saw a marginal rise.