The Federation Account Allocation Committee (FAAC) distributed a substantial sum of ₦1.123 trillion from the March 2024 Federation Account revenue to the federal, state, and local government tiers on Friday.
The allocation, as reported by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, reflects an uptick in several major revenue streams, including import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT).
According to a communique released after FAAC’s April meeting, the total distributable revenue consisted of ₦311.233 billion from distributable statutory revenue, ₦511.879 billion from distributable VAT revenue, ₦14.754 billion from Electronic Money Transfer Levy (EMTL), and ₦285.525 billion from exchange difference revenue.
The total available revenue for March was ₦1,867,808,000,000. Deductions for the cost of collection amounted to ₦69.537 billion, while transfers, interventions, and refunds totaled ₦674.880 billion.
March’s gross statutory revenue was ₦1.017 trillion, a decrease of ₦175.212 billion from February’s ₦1.192 trillion.
Conversely, the gross revenue available from VAT for the same period was ₦549.698 billion, marking an increase of ₦89.210 billion over the previous month.
The communique detailed that the Federal Government received ₦345.890 billion, state governments were allocated ₦398.689 billion, and local government councils received ₦288.688 billion. Additionally, mineral-producing states received ₦90.124 billion as a 13% derivation of mineral revenue.
From the ₦311.233 billion distributable statutory revenue, the Federal Government received ₦133.960 billion, state governments ₦67.946 billion, and local government councils ₦52.384 billion. A total of ₦56.943 billion was distributed as derivation revenue to the benefiting states.
For the distributable VAT revenue of ₦511.879 billion, the Federal Government received ₦76.782 billion, state governments ₦255.940 billion, and local government councils ₦179.158 billion.
The allocation of the ₦14.754 billion EMTL revenue saw the Federal Government receiving N2.213 billion, state governments ₦7.377 billion, and local government councils ₦5.164 billion.
Furthermore, from the ₦285.525 billion in exchange difference revenue, the Federal Government was allotted ₦132.935 billion, state governments ₦67.426 billion, and local government councils ₦51.983 billion, with an additional ₦33.181 billion shared as derivation revenue with the mineral-producing states.
