FAAC shares N1.1trn March 2024 revenue to FG, States, LGCs

 

The Federation Account Allocation Committee (FAAC) on Friday shared a total sum of N1.123 trillion March 2024 Federation Account Revenue to the three tiers of government after its April meeting in Abuja.

A statement by the Director of Press and Public Relations at the Office of the Accountant General of the Federation Bawa Mokwa indicated that in 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.

FAAC in a communique at the end of the April meeting, revealed that the N1,123,391,000,000 total distributable revenue comprised distributable statutory revenue of N311.233 billion, distributable VAT revenue of N511. 879 billion, EMTL revenue of N14.754 billion, and exchange difference revenue of N285.525 billion. The communique further revealed that total revenue of N1,867,808,000,000 was available in March 2024 and total deductions for the cost of collection was N69.537 billion while total transfers, interventions, and refunds were N674.880 billion.

Gross statutory revenue of N1.017 trillion was received for March 2024, a N175. 212 billion decline from the N1.192 trillion received in February 2024. The gross revenue available from VAT in March 2024 was N549.698 billion and it is N89.210 billion higher than the N460.488 billion available in February 2024. The total distributable revenue was shared as follows: Federal Government N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion.

The mineral-producing states received an additional N90.124 billion (13% of mineral revenue).

Meanwhile, The Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike to “provide our organization with documents on the spending of trillions of FAAC allocations received by your state and the FCT since 1999, and to widely publish any such documents.”