NEWS

FAAC Shares N1.1trn Revenue To FG, States, LGs

The total distributable revenue included N311.233 billion in distributable statutory revenue.

By Johnson Atoukudu

The Federation Account Allocation Committee (FAAC) allocated a total of N1.123 trillion in March 2024 to the three tiers of government. Import duty, value-added tax (VAT), Gas Royalty, companies’ income tax (CIT), and other revenues increased significantly, while excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies decreased.

The total distributable revenue included N311.233 billion in distributable statutory revenue, N511.879 billion in distributable VAT revenue, N14.754 billion in EMTL revenue, and N285.525 billion in exchange difference revenue.

Total revenue for March 2024 was N1,867,808,000,000, with N69.537 billion deducted for the cost of collection and N674.880 billion transferred for interventions and refunds. Gross statutory revenue for March was N1.017 trillion, a decline from February’s N1.192 trillion, while VAT revenue was N549.698 billion, higher than February’s N460.488 billion.

The distribution of the total revenue was: Federal Government N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion. Mineral-producing states received an additional N90.124 billion (13% of mineral revenue).

From the distributable statutory revenue, the Federal Government received N133.960 billion, state governments received N67.946 billion, and local government councils received N52.384 billion, with N56.943 billion shared with mineral revenue beneficiary states.

The Federal Government received N76.782 billion from distributable VAT revenue, while state governments received N255.940 billion and local government councils received N179.158 billion. N14.754 billion from EMTL revenue was shared, with the Federal Government receiving N2.213 billion, state governments N7.377 billion, and local government councils N5.164 billion.

The Federal Government received N132.935 billion from exchange difference revenue, while state governments received N67.426 billion, and local government councils received N51.983 billion, with N33.181 billion shared with mineral revenue beneficiary states.

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