This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark, according to The Nation newspaper report.

The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.

Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.

The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.

From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion.

A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.

From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.

Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.

From the N41.284 billion exchange difference, the federal government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.

The figures, presented by the Federal Inland Revenue Service (FIRS) and confirmed by the Central Bank of Nigeria (CBN) at July’s Federation Account Allocation Committee (FAAC) meeting, underline Lagos’ unrivalled dominance in digital transaction flows.

The Electronic Money Transfer Levy, introduced under the Finance Act 2020 to replace stamp duty on electronic receipts, imposes a flat N50 charge on bank transfers of N10,000 and above. Proceeds are shared among the federal, state, and local governments based on transaction origin.

June’s collections were up 5.41% from May’s N28.8 billion, bringing the first-half total to N183.7 billion.

When combined with N37.3 billion from stamp duty, non-import levy receipts for January–June hit N221 billion.

After Lagos, the Federal Capital Territory ranked a distant second with N1 billion (3.32%), followed by Rivers (N892.5m), Anambra (N866.4m), and Delta (N796.6m). Jigawa (N91m), Gombe (N98.2m), and Zamfara (N104.7m) sat at the bottom of the table.

Analysts say Lagos’ dominance is no surprise, it is Nigeria’s commercial hub, home to the bulk of formal businesses, fintech operations, and payment gateways, making it the natural clearing point for most high-value electronic transfers.

June’s performance also showed that while Electronic Money Transfer Levy revenues remain steady, stamp duty is far more volatile. May’s stamp duty intake hit N11.9 billion, over 31% of the six-month total, before dropping sharply to N2.79 billion in June.

If current trends hold, EMTL alone could bring in an annualised revenue exceeding N360 billion, cementing its role as a key non-oil revenue source for the federation.

The allocation was announced in a communiqué issued by Bawa Mokwa, director of Press and Public Relations, Office of the Accountant General of the Federation, following the April 2025 FAAC meeting chaired by Wale Edun, minister of Finance and coordinating minister of the Economy.

From a gross total of N2.411 trillion, the states received N530.448 billion, followed by the federal government which received N528.696 billion, while the local government councils got N387.002 billion, inclusive of gross statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange difference. Also, oil-producing states received N132.611 billion as derivation.

According to the communique, the N1.578 trillion shared amongst the three tiers of government was made up of N931.325 billion from statutory revenue, Value Added Tax of N593.750 billion, N24.971 billion from Electronic Money Transfer Levy, and N28.711 billion from Exchange Difference.

The gross revenue available from VAT for the month decreased by N16.838 billion to N637.618 billion from N654.456 billion distributed in February.

However, the gross statutory revenue increased by N65.422 billion to N1.718 trillion, from N1.653 trillion received the previous month.

While Petroleum Profit Tax and Company Income Tax increased considerably, Oil and Gas Royalty, VAT, EMTL, excise duty, and import duty declined.

Data from the Nigeria Extractive Industries Transparency Initiative (NEITI) from its latest Quarterly Report on Federation Account Revenue Allocations for Q2, indicated that the federal government received N1.102 trillion, representing 33.35%  of the total allocation.

Besides, the 36 states received N1.337 trillion or 40.47 per cent of the entire monies, while the 774 local government councils shared N864.98 billion or 26.18%.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, announced in the report released at NEITI House, Abuja, according to a statement by the Assistant Director of Communications & Advocacy, Chris Ochonu.

In addition, nine oil-producing states received N169.26 billion as their derivation share from mineral revenue.

A comparison with the previous quarter showed that the federal government’s allocation decreased by N41.44 billion (3.76%), while state governments saw an increase of N58.13 billion (4.29%), and local government councils experienced a rise of N30.82 billion (3.57%).

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), and the Nigeria Customs Service (NCS) were identified as the main revenue-generating agencies for the Federation Account.

Their contributions, NEITI said, included oil and gas royalties, petroleum profit tax, company income tax, value-added tax, and import & excise duties.

The report highlighted an upward trend in revenue allocations in the latter months of 2023 and early 2024. Total monthly disbursements increased from N1.094 trillion in January 2024 to N1.098 trillion in February but then declined slightly to N1.065 trillion in March.

On state-by-state allocations, Delta State received the largest share of allocations in Q2 2024, with a gross allocation of N137.357 billion, including oil derivation.   Lagos State followed with N123.282 billion, and Rivers State was third with N108.104 billion. Nasarawa, Ebonyi, and Ekiti States received the least, with N24.735 billion and N25.404 billion, respectively.

Among local governments, Alimosho in Lagos State received the highest allocation at N5.721 billion, followed by Ajeromi/Ifelodun (N4.592 billion) and Kosofe (N4.541 billion). Ifedayo received the smallest share of N661.82 million.

Nine states benefited from 13 per cent oil derivation revenue, with Delta State leading at 40.153 per cent, followed by Bayelsa (38.112%) and Akwa Ibom (36.117 %)

Rivers State recorded a derivation ratio of 27.272 %, while the other oil-producing states had ratios below 20%.

The report also noted that solid minerals-producing states did not receive derivation revenue in Q2 2024 due to insufficient revenue generation from the sector.

Bauchi State recorded the highest debt deductions in Q2 2024 at N6.49 billion, followed by Ogun State. Anambra State had the least deductions at N115.6 million, while Lagos and Nasarawa recorded no debt deductions for the quarter.

NEITI recommended that states take advantage of ongoing reforms in the solid minerals sector to diversify their revenue sources.

“The Central Bank of Nigeria (CBN) should strengthen measures to stabilise the exchange rate and reduce fluctuations in Federation Account remittances. States should adopt realistic budget benchmarks for oil production and exports to minimise fiscal shocks from price volatility.

“The Revenue Mobilisation Allocation and Fiscal Commission (RMFAC) and the Office of the Accountant General of the Federation (OAGF) are encouraged to increase transparency and accountability, particularly in the payment of special revenue accruals like derivation arrears and debt repayment refunds,” NEITI stated.

The NEITI quarterly review is designed to provide timely information on FAAC disbursements and to promote citizen education, advocacy, and accountability in the use of public funds.

The executive secretary, Orji added: “The quarterly review aims to highlight the sources of funds into the Federation Account and the factors affecting the growth or decline in revenues and distributions over time.

“The ultimate goal of this disclosure is to enhance knowledge, increase awareness, and promote public accountability in the management of public finances.”

The NEITI executive secretary urged the citizens and civil society organizations, particularly those involved in revenue and expenditure monitoring, to show interest and strengthen their capacity in budget tracking and monitoring of allocations and disbursements to all tiers of government.

The amount shared to the Federal Government, States and Local Government Councils for the month was lower than the N1.208 trillion shared for April allocation but higher than the N1.123 trillion shared for March.

In a communique signed by Bawa Mokwa the Director, Press and Public Relations, Office of the Accountant General of the Federation, on Monday at the end of the June 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

It was revealed that the N1,143.210 trillion total distributable revenue comprised distributable statutory revenue of N157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

The statement disclosed that total revenue of N2,324.792 billion was available in May 2024, the total deduction for the cost of collection was N76.647 billion while the total transfers, interventions and refunds were N1,104.935 billion.

It added that gross statutory revenue of N1,223.894 billion was received for May 2024, as against N1,233.498 billion received in April 2024.

The Statement noted: “The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in April 2024 by N3.255 billion.

“The communiqué confirmed that from the N1,143.210 billion total distributable revenue, the Federal Government received a total sum of N365.813 billion, the State Governments received a total sum of N388.419 billion and the Local Government Councils received the total sum of N282.476 billion.

“A total sum of N106.502 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

“On the N157.183 billion distributable statutory revenue, the communique stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion.”

The total sum of N41.371 billion representing 13 per cent of mineral revenue was shared with the benefiting States as derivation revenue.

“The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.”

According to the communique, the total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL), the State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.

It was also stated that, “From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion.

“The total sum of N65.131 billion or 13 percent of mineral revenue was shared to the benefiting States as derivation revenue.”

According to the communiqué, in May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases.

The balance in the Excess Crude Account (ECA) according to the communique was $473,754.57.

The total amount shared at FAAC is a slight increase compared to N906.9 billion shared in the previous month.

According to the communique issued at the end of the Committee meeting on Friday, from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils got N258.810 billion, while the Oil Producing States received N75.410 billion as Derivation, (13% of Mineral Revenue).

The meeting which was chaired by the Wale Edun, the minister of Finance and Co-ordinating Minister of the Economy, disbursed the sum of N60.960 billion as cost of collection, and N470.592 billion allocated for transfers intervention and refunds.

The gross revenue available from the Value Added Tax (VAT) for November 2023, was N360.455 billion, which was N13.112 billion increase from the N347.343 billion distributed in the preceding month.

From that amount, the sum of N14.418 billion was allocated for cost of collection and the sum of N10.381 billion given for transfers, intervention and refunds.

“The remaining sum of N335.656 billion was distributed to the three tiers of government of which the Federal Government got N50.348 billion, the States received N167.828 billion, Local Government Councils got N117.480 billion.

“Accordingly, the Gross Statutory Revenue of N882.561 billion received in the month was higher than the sum of N660.090 billion received in the previous month of October, 2023 by N222.470 billion.

From that amount, the sum of N46.044 billion was allocated for Cost of Collection and a total sum of N460.211 billion for Transfers, Intervention and Refunds.

The remaining balance of N376.306 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N174.908 billion, States got N88.716 billion, LGCs got N68.396 billion, and Oil Derivation (13% Mineral Revenue) got N44.286 billion.

“Also, the sum of N12.450 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.793 billion, States got N5.976 billion, Local Government Councils received N4.183 billion, while N0.498 billion was allocated for Cost of Collection,” it stated.

The Communique disclosed that the exchange difference for the period was N364.869 billion.

Of this amount, the federal government received N175.817 billion, the states got N89.177 billion, the sum of N68.751 billion allocated to local government councils, and N31.124 billion given for derivation (13% of mineral revenue).

Also, the total revenue distributable for the current month of November 2023, was drawn from Statutory Revenue of N376.306 billion, Value Added Tax (VAT) of N335.656 billion, N11.952 billion from Electronic Money Transfer Levy (EMTL), and N364.869 billion from Exchange Difference, bringing the total distributable amount for the month to N1,088.783 trillion.

The balance in the Excess Crude Account (ECA) as at December 15, 2023 stands at $473,754.57.

In his remarks at the meeting Wale Edun, the Minister of Finance and Co-ordinating Minister of the Economy, said the Tinubu led administration was committed to achieve rapid and sustained economic growth in the country.

He added that the Gross Domestic Growth (GDP) per Capita in Nigeria was increasing and getting many people out of poverty.