FAAC MEETING: FG, STATES AND LGCs SHARE N1,123.391 TRILLION FROM A GROSS TOTAL OF N1,867.808 TRILLION FOR THE MONTH OF MARCH 2024.

The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Accountant General of the Federation, Mrs. Oluwatoyin S. Madein, shared a total sum of N1,123.391 trillion to the three tiers of government as Federation Allocation for the month of March, 2024 from a gross total of N1,867.808 trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N345.890 Billion, the States received N398.689 Billion, the Local Government Councils got N288.688 Billion, while the Oil Producing States received N90.124 Billion as Derivation, (13% of Mineral Revenue).

The sum of N69.537 Billion was given for the cost of collection, while N674.880 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for March 2024, was N549.698 Billion, which was an increase from the N460.488 Billion distributed in the preceding month, resulting in an increase of N89.210 Billion.

From that amount, the sum of N21.988 Billion was allocated for the cost of collection and the sum of N15.831 Billion given for Transfers, Intervention and Refunds. The remaining sum of N511.879 Billion was distributed to the three tiers of government, of which the Federal Government got N76.782 Billion, the States received N255.940 Billion, Local Government Councils got N179.158 Billion.

Accordingly, the Gross Statutory Revenue of N1,017.216 Trillion received in the month was lower than the sum of N1,192.428 Trillion received in the previous month of February 2024 by N175.212 Billion. From that amount, the sum of N46.934 Billion was allocated for the cost of collection and a total sum of N659.049 billion for Transfers, Intervention and Refunds.

The remaining balance of N311.233 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N133.960 Billion, States received N67.946 Billion, the sum of N52.384 Billion was allocated to LGCs and N56.943 was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.369 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.213 Billion, States got N7.377 Billion, Local Government Councils received N5.164 Billion, while N0.615 Billion was allocated for Cost of Collection.

The Communique also disclosed N285.525 Billion from Exchange Difference, which was shared as follows: Federal Government received N132.935 Billion, States got N67.426 Billion, the sum of N51.983 Billion was allocated to Local Government Councils, while N33.181 Billion was given for Derivation (13% of Mineral Revenue) .

Value Added Tax (VAT), Import Duty, Gas Royalty, Companies Income Tax (CIT) and others increased considerably while Excise Duty, Oil Royalty, Petroleum Profit Tax (PPT), Customs External Tarrif levies (CET) and
Electronic Money Transfer Levy (EMTL) recorded decreases.

According to the Communique, the total revenue distributable for the current month of March 2024, was drawn from Statutory Revenue of N311.233 Billion, Value Added Tax (VAT) of N511.879 Billion, N14.754 Billion from Electronic Money Transfer Levy (EMTL), and N285.525 Billion from Exchange Difference, bringing the total distributable amount for the month to N1,123.391 trillion.

The balance in the Excess Crude Account (ECA) as at April 2024 stands at $473,754.57