On Friday, the Federation Account Allocation Committee (FAAC) distributed a total of N1.123 trillion in Federation Account Revenue for March 2024 to the three tiers of government following its April meeting in Abuja.
The Office of the Accountant General of the Federation’s Director of Press and Public Relations, Bawa Mokwa, released a statement indicating that in March 2024, there was a significant increase in import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT), among others, while excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies saw decreases.
At the conclusion of the April meeting, FAAC announced in a communique that the total distributable revenue of N1,123,391,000,000 consisted of N311.233 billion in distributable statutory revenue, N511.879 billion in distributable VAT revenue, N14.754 billion in EMTL revenue, and N285.525 billion in exchange difference revenue.
The communique also disclosed that the total revenue available in March 2024 was N1,867,808,000,000, with total deductions for cost of collection amounting to N69.537 billion and total transfers, interventions, and refunds totaling N674.880 billion.
In March 2024, the gross statutory revenue was N1.017 trillion, a decrease of N175.212 billion from the N1.192 trillion received in February 2024.
The gross revenue from VAT for March 2024 amounted to N549.698 billion, which is N89.210 billion more than the N460.488 billion from February 2024.
The total distributable revenue was allocated as follows: N345.890 billion to the Federal Government, N398.689 billion to state governments, and N288.688 billion to local government councils.
Mineral-producing states received an additional N90.124 billion, representing 13% of mineral revenue.
Out of the N311.233 billion distributable statutory revenue, the Federal Government was allocated N133.960 billion, state governments N67.946 billion, and local government councils N52.384 billion. Additionally, N56.943 billion, representing 13% of mineral revenue, was distributed as derivation revenue to the benefiting states.
From the N511.879 billion distributable VAT revenue, the Federal Government received N76.782 billion, state governments N255.940 billion, and local government councils N179.158 billion.
A total of N14.754 billion from EMTL was distributed, with the Federal Government receiving N2.213 billion, state governments N7.377 billion, and local government councils N5.164 billion.
The Federal Government obtained N132.935 billion from the N285.525 billion Exchange Difference revenue, state governments N67.426 billion, and local government councils N51.983 billion. An additional N33.181 billion, representing 13% of mineral revenue, was shared as derivation revenue with the benefiting states.
The balance in the Excess Crude Account (ECA) is $473,754.57.
