National Telescope national telescope newspaper
By Chukwuma Okoro
The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.1 trillion to the federal, state, and local governments. These funds represent revenues collected across the federation during the month of March.
Details of this allocation were disclosed in a communique released by FAAC following its April 2024 meeting. Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, shared this information with the press on Saturday.
The breakdown of the N1.1 trillion distributable revenue includes N311.233 billion from statutory revenue, N511.879 billion from Value Added Tax (VAT), N14.754 billion from Electronic Money Transfer Levy (EMTL), and N285.525 billion from Exchange Difference revenue.During March 2024, the total revenue available amounted to N1,867.808 billion.
After deductions for costs of collection and various transfers, interventions, and refunds totaling N69.537 billion and N674.880 billion, respectively, the gross statutory revenue stood at N1,017.216 billion, reflecting a decrease from the previous month.VAT revenue for March 2024 reached N549.698 billion, marking an increase compared to February 2024.
From the total distributable revenue, the Federal Government received N345.890 billion, State Governments received N398.689 billion, and Local Government Councils received N288.688 billion.Additionally, N90.124 billion, representing 13% of mineral revenue, was shared among benefiting states as derivation revenue.
This distribution also included funds from statutory revenue, VAT revenue, Electronic Money Transfer Levy, and Exchange Difference revenue, each allocated according to established formulas.
The month of March saw significant increases in Import Duty, VAT, Gas Royalty, and companies’ income tax (CIT), among others, while Excise Duty, Oil Royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy, and CET Levies experienced decreases.
