The Federation Account Allocation Committee (FAAC) on Friday confirmed that it shared a total sum of N1123.391 billion from the March 2024 Federation Account revenue to the Federal Government, States and Local Government Councils.
The Committee, in the communiqué issued at its April, 2024 meeting, stated that the N1123.391 billion total distributable revenue comprised 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.
According to the communiqué, total revenue of N1867.808 billion was available in the month of March 2024 while the total deductions for cost of collection stood N69.537 billion, and total transfers, interventions and refunds amounted to N674.880 billion.
The committee disclosed that gross statutory revenue of N1,017.216 billion was received for the month of March, lower than the N1,192.428 billion received in the preceding month by N175.212 billion.
The gross revenue available from the Value Added Tax (VAT) in the month under review was N549.698 billion, higher than the N460.488 billion available in the month of February 2024 by N89.210 billion.
The communique indicated that from the N1123.391 billion total distributable revenue, the Federal Government received a total of N345.890 billion, the state governments received N398.689 billion and the local government councils received N288.688 billion while N90.124 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
The FAAC clarified that out of 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, adding that N56.943 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
It added that the Federal Government received N76.782 billion, the state governments got N255.940 billion while local government councils received N179.158 billion from the N511.879 billion distributable Value Added Tax (VAT) revenue.
The committee disclosed that out of the N14.754 billion Electronic Money Transfer Levy (EMTL), the Federal Government got N2.213 billion, the state governments collected N7.377 billion and the Local Government Councils received N5.164 billion.
It further clarified: “The Federal Government received N132.935 billion from the N285.525 billion Exchange Difference revenue. The State Governments received N67.426 billion, and the Local Government Councils received N51.983 billion. The sum of N33.181 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
:In the month of 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 ECA was $473,754.57”, the fAAC added.
