Saturday, 20 April 2024 03:30

FAAC: FG, states, LGs share N1.123tn for March 2024

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The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the federal, state, and local governments for March 2024.

According to a statement by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, the allocation was derived from a gross total of N1.867 trillion.

This allocation breakdown includes N345.890 billion for the Federal Government, N398.689 billion for states, and N288.688 billion for local governments. Oil-producing states received N90.224 billion as part of the 13% mineral revenue derivation.

The statement also highlighted a notable increase in the gross revenue from Value Added Tax (VAT) for March 2024, amounting to N549.698 billion. This represents a significant rise of N89.210 billion compared to the previous month, reflecting the country's economic growth and improved tax compliance.

However, despite the positive trend in VAT revenue, the Gross Statutory Revenue for March was N1.017 trillion, which is lower than February's figure of N1.192 trillion by N175.212 billion. This decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

Meanwhile, the balance in the Excess Crude Account as of April 2024 was $473,754.57.

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