The Federation Accounts Assignment Committee (FAAC) has shared a total sum of ₦ 2,001 billion as income from July 2025 between the Federal Government, the state governments and the local government councils at its August 2025 meeting held in Abuja.
The ₦ 2.001 billion distributable income included ₦ 1,282 billion legal income, ₦ 640.610 billion value added taxes (VAT), ₦ 37,601 billion of the Levy Electronic Money Transfer (EMTL) and ₦ 39,745 billion exchange difference.
Bawa Mokwa, press director and public relations at the Office of the Federation General Accountant (OAGF), said in a statement issued by FAAC that the total gross income available in July 2025 was ₦ 3,836 billion.
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Total deductions for the cost of collection amounted to ₦ 152,681 billion, while total transfers, interventions, reimbursements and savings were located in ₦ 1,683 billion.
According to the statement, the gross legal income for July 2025 was ₦ 3,070 billion, which was lower than the ₦ 3,485 billion registered in June 2025 for ₦ 415,108 billion.
Gross VAT revenues for July 2025 stood at ₦ 687,940 billion, higher than ₦ 678,165 billion registered in June 2025 for ₦ 9,775 billion.
From the distributable total income of ₦ 2,001 billion, the federal government received ₦ 735,081 billion, state governments received ₦ 660,349 billion and the local government councils received ₦ 485,039 billion. In addition, ₦ 120,359 billion (13% of mineral revenues) were shared as revenue of derivation to benefit the states.
Of the ₦ 1,282 billion distributable legal income, the federal government received ₦ 613,805 billion, state governments received ₦ 311,330 billion and local government councils received ₦ 240,023 billion. Others ₦ 117,714 billion (13% of mineral revenues) were assigned to benefit states as revenue from derivation.
From the ₦ 640,610 billion VAT revenues, the federal government received ₦ 96,092 billion, state governments received ₦ 320.305 billion and the local government councils received ₦ 224,214 billion.
Of the ₦ 37,601 billion revenues of EMTL, the federal government received ₦ 5,640 billion, state governments ₦ 18,801 billion and local government tips ₦ 13,160 billion.
From the exchange difference of 39,745 billion, the Federal Government received ₦ 19,544 billion, state governments ₦ 9,913 billion and local government councils ₦ 7,643 billion, while ₦ 2,643 billion (13% of mineral revenues) were assigned to benefit states as revenue per derivation.
The statement also indicated that in July 2025, the Petroleum Profit Tax (PPT), oil and gas, EMTL and special taxes recorded significant increases, while VAT and import duty increased marginally. However, the Income Tax of the Companies (CIT) and the registered CET encumbers decreased.
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