FAAC Distributes N1.12trn To FG, States, LGCs As March 2024 Revenue

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It is cheering news from the Federation Account Allocation Committee (FAAC) with its sharing of a whopping N1,123.391 billion as March 2024 revenue to the Federal Government, the 36 States and 774 Local Government Councils in the country.

A communique issued by the FAAC at its April, 2024 meeting indicates that the N1,123.391. billion total distributable revenue comprised distributable statutory revenue of N311.233 billion, distributable 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.

The communique explained that the sum of N1867.808 billion was available as total revenue in the month of March 2024 while the total deductions for cost of collection stood at N69.537 billion; with total transfers, interventions and refunds gulping N674.880 billion.

Also, it was reported that gross statutory revenue of N1,017.216 billion was received in the month of March 2024, a figure lower than the N1,192.428 billion received in February 2024 by N175. 212 billion.

According to a statement signed by the Director, Press and Public Relations, in the AGF’s office, Bawa Mokwa; “The gross revenue available from the Value Added Tax (VAT) in March 2024 was N549.698 billion. This was higher than the N460.488 billion available in the month of February 2024 by N89.210 billion.” ”

Similarly, the communique said from the N1,123.391 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.

A total sum of N90.124 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

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 Government Councils received N52.384 billion. The sum of N56.943 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N511.879 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N76.782 billion, the State Governments received N255.940 billion with the Local Government Councils getting N179.158 billion as their share.

Also, the N14.754 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N2.213 billion, the State Governments got N7.377 billion while N5.164 billion went to the Local Government Councils.

The revenue distribution also saw the Federal Government receiving N132.935 billion from the N285.525 billion Exchange Difference revenue; the State Governments hot N67.426 billion, while the Local Government Councils carted home about N51.983 billion.

Also on the sharing table was the sum of N33.181 billion (13 percent of mineral revenue) 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.

Meanwhile, the Committee reported that the balance in the Excess Crude Account (ECA) currently stands at about $473,754.57.

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