Economy
FG, States, LGAs Share N1.703trn as January 2025 Revenue Rises 19%
By Adedapo Adesanya
The federal government, the 36 states, and the 774 local government areas of the federation have shared a total of N1.703 trillion in revenue generated in January 2025.
This amount represents an increase of 19.6 per cent or N279 billion from the N1.424 trillion generated in December 2024.
This is according to a press release by the Director (Press and Public Relations) at the Office of the Accountant General of the Federation, Mr Bawa Mokwa, on Thursday,
The N1.703 trillion total distributable revenue comprises N749.727 billion in statutory revenue, N718.781 billion in Value Added Tax revenue, N20.548 billion from the Electronic Money Transfer Levy, and N214 billion in augmentation.
The statement was based on a communique issued by the Federation Account Allocation Committee (FAAC) after its monthly meeting for February 2025.
It noted that the total gross revenue amounted to N2.641 trillion, which was slightly higher than the N2.310 trillion recorded in the previous month.
The total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion.
It was disclosed that the federal government received N552.591 billion, state governments were allocated N590.614 billion, and the Local Government Councils received N434.567 billion, while an additional N125.284 billion was shared with benefiting states as derivation revenue as 13 per cent of mineral revenue.
The statement further noted that the gross statutory revenue for the month under review stood at N1.848 trillion, an increase of N622.125 billion from the N1.226 trillion recorded a month earlier.
Gross VAT revenue for the month was N771.886 billion, rising by N122.325 billion from N649.561 billion in December.
From the N749.727 billion statutory revenue, the federal government got N343.612bn, the state governments were given N174.285 billion, and the councils received N134.366 billion, while N97.464 billion was also allocated to states benefiting from derivation revenue.
Further, from the N718.781 billion VAT revenue, the federal government received N107.817 billion, state governments were got N359.391 billion, and Local Government Councils shared N251.573 billion.
For the N20.548 billion Electronic Money Transfer Levy (EMTL), the federal government received N3.082 billion, state governments received N7.192 billion, and Local Government Councils received N10.274 billion.
The N214 billion augmentation was shared with the federal government receiving N98.080 billion, state governments receiving N49.747 billion, and Local Government Councils receiving N38.353 billion, while N27.820 billion was shared among the benefiting states as derivation revenue.
The communique also highlighted increases in collections from VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies, while there was a significant decrease in EMTL and Oil and Gas Royalty receipts.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
