By Ifeoluwa Odunayo
The Federation Account Allocation Committee has disbursed a total of N1.578 trillion to the federal, state and local governments as revenue allocation for March 2025.
The decision followed FAAC’s April meeting in Abuja, presided over by Finance Minister Wale Edun. The shared amount was drawn from a gross revenue of N2.411 trillion.
The federal government received N528.696 billion, states got N530.448 billion, while local councils received N387.002 billion.
Oil-producing states also received N132.611 billion as part of the 13 percent derivation fund.
The allocation comprised earnings from statutory revenue, Value Added Tax, Electronic Money Transfer Levy and exchange rate gains.
Although VAT figures declined, FAAC reported increases in Petroleum Profit Tax and Companies Income Tax.
Total deductions stood at N85.376 billion for collection costs and N747.180 billion for refunds and government interventions.
