The Federation Account Allocation Committee (FAAC) shared a total sum of N1.123,391 trillion to the three tiers of government for March 2024.
The amount is lower than the N1.152.756 trillion shared to the federal, states and local governments in February.
According to a statement by the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, 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.
The balance in the Excess Crude Account (ECA) remains static at $473,754.
Citing a communiqué issued by the FAAC at its April, 2024 meeting in Abuja, the OAGF statement said the N1123.391 trillion total distributable revenue comprised:
- Distributable statutory revenue – N311.233 billion
- Distributable Value Added Tax (VAT) revenue – N511. 879 billion
- Electronic Money Transfer Levy (EMTL) revenue – N14.754 billion and
- Exchange Difference revenue – N285.525 billion
According to the statement, a total revenue of N1.867.808 trillion was available in the month of March 2024.
Total deductions for cost of collection was N69.537 billion, while total transfers, interventions and refunds was N674.880 billion.
Gross statutory revenue of N1,017.216 trillion was received for the month of March 2024.
This was lower than the N1,192.428 trillion received in the month of February 2024 by N175. 212 billion.
The gross revenue available from VAT in March 2024 was N549.698 billion, indicating a rise over the N460.488 billion available in the month of February 2024 by N89.210 billion.
The communiqué stated that the distribution pattern for the N1.123.391 trillion total distributable revenues was:
- Federal Government – N345.890 billion
- State governments – N398.689 billion
- Local government councils – N288.688 billion
- 13 per cent mineral derivation revenue – N124 billion
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 governments got N52.384 billion. The sum of N56.943 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
Also, the federal government received N76.782 billion, states received N255.940 billion and the local governments received N179.158 billion from the N511.879 billion distributable VAT revenue for the month of March.
The N14.754 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N2.213 billion, states received N7.377 billion while the local government councils received N5.164 billion.
The federal government also received N132.935 billion from the N285.525 billion Exchange Difference revenue.
The state governments received N67.426 billion, and the local governments 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.
