The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.123.391 trillion federation account revenue to the Federal Government, States, and Local Government Councils in March 2024.
The N1.123.391 trillion total distributable revenue comprised distributable statutory revenue of N311.233 billion, 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.
This was disclosed in a communique issued by the FAAC at its April 2024 meeting on Friday, April 19.
The FAAC stated that from the N1.123.391 billion total distributable revenue, the Federal Government received N345.890 billion, the State Governments received N398.689 billion, and the Local Government Councils received N288.688 billion.
According to the committee, total revenue of N1.867.808 trillion was available in March 2024.
The FAAC noted that total deductions for the cost of collection were N69.537 billion, while total transfers, interventions, and refunds were N674.880 billion.
It said gross statutory revenue of N1.017.216 trillion was received in March, noting that this was lower than the N1.192.428 trillion received in February 2024 by N175.212 billion.
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It stated that the gross revenue available from the VAT in March was N549.698 billion, saying this was higher than the N460.488 billion available in February 2024 by N89.210 billion.
The FAAC disclosed that N90.124 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
The FAAC said 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.
It said the sum of N56.943 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
The FAAC added that 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 VAT revenue.
According to the committee, the N14.754 billion Electronic Money Transfer Levy 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.
It further stated that the Federal Government received N132.935 billion from the N285.525 billion Exchange Difference revenue, adding that the State Governments received N67.426 billion and the Local Government Councils received N51.983 billion.
“The sum of N33.181 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.
The FAAC noted that in March 2024, Import Duty, 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.
“The balance in the ECA was $473,754.57,” the FAAC added.
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