The Federation Account Allocation Committee (FAAC) has shared the sum of N1.123 trillion to the three tiers of government for March 2024.
The amount shared is revenue accrued to the federal government from various revenue sources, including statutory allocations, value added tax (VAT), and electronic money transfer levies (EMTL).
The Office of the Accountant General in a statement by the Director, Press and Public Relations, Bawa Mokwa, said the federal government got N345.890 billion, while state governments received N398.689 billion and local government councils took home N288.688 billion.
According to the statement, the total distributable revenue comprised N311.233 billion from distributable statutory revenue, N511.879 billion from VAT, N14.754 billion from the EMTL, and N285.525 billion from exchange difference revenue.
It further said the states also benefited from N90.124 billion as derivation revenue, representing 13 per cent of mineral revenue.
Further details showed that March’s gross statutory revenue was reported at N1.017 trillion, which saw a decrease from February’s N1.192 trillion by N175.212 billion.
VAT revenue on the other hand recorded an increase with N549.698 billion collected compared to N460.488 billion in the previous month, an increase of N89.210 billion.
From the statutory revenue, the federal government got N133.960 billion, the states got N67.946 billion, and local government councils received N52.384 billion. The derivation revenue from statutory sources was N56.943 billion. In terms of VAT distribution, the Federal Government got N76.782 billion, states received N255.940 billion, and local government councils, N179.158 billion.
The EMTL was shared with the federal government receiving N2.213 billion, states got N7.377 billion, and local government councils went home with N5.164 billion. The exchange difference revenue provided the Federal Government with N132.935 billion, the states with N67.426 billion, and local government councils with N51.983 billion.
