FAAC: FG, States, LGs Shared N1.1trn in March

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1123.391 billion as March 2024 federation account revenue to the federal government, states and local government councils.

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

A statement issued on Friday by Bawa Mokwa, Director of press and public relations in the Office of the Accountant General of the Federation (OAGF), disclosed that “As contained in a communique issued by the FAAC at its April, 2024 meeting, the N1123.391 billion total distributable revenue comprised distributable statutory revenue of N311.233 billion, distributable Value Added Tax (VAT) revenue of N511. 879 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.754 billion and Exchange Difference revenue of N285.525 billion.”

According to the communique, total revenue of N1867.808 billion was available in March 2024. Total deductions for the cost of collection was N69.537 billion; total transfers, interventions and refunds were N674.880 billion.

Gross statutory revenue of N1,017.216 billion was received for March 2024. This was lower than the N1,192.428 billion received in February 2024 by N175. 212 billion.

The gross revenue available from the Value Added Tax (VAT) in March 2024 was N549.698 billion. This was higher than the N460.488 billion available in the month of February 2024 by N89.210 billion.

The communique stated that from the N1123.391 billion total distributable revenue, the Federal Government received a total of N345.890 billion, the State Governments received N398.689 billion and the Local Government Councils received N288.688 billion.

A total sum of N90.124 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

From the N311.233 billion distributable statutory revenue, the Federal Government received N133.960 billion, the State Governments received N67.946 billion and the Local Government Councils received N52.384 billion. The sum of N56.943 billion (13% of mineral revenue) was shared to the benefiting sates as derivation revenue.

The Federal Government received N76.782 billion, the State Governments received N255.940 billion and the Local Government Councils received N179.158 billion from the N511.879 billion distributable Value Added Tax (VAT) revenue.

The N14.754 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.213 billion, the State Governments received N7.377 billion and the Local Government Councils received N5.164 billion.

The Federal Government received N132.935 billion from the N285.525 billion Exchange Difference revenue. The State Governments received N67.426 billion, and the Local Government Councils received N51.983 billion. The sum of N33.181 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.

In the month of March 2024, Import Duty, value-added tax (VAT) Gas Royalty, companies income tax (CIT) and others increased considerably while Excise Duty, Oil Royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies recorded decreases.