FAAC Pays FG, State, Local Governments N1.1 Trillion In March Revenue

The three levels of government received a total of N1.123 trillion in Federation Account Revenue for March 2024 from the Federation Account Allocation Committee (FAAC) on Friday, April 19, following its April meeting in Abuja.

According to a statement released by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, or AGF, in March 2024, there were notable increases in import duties, VAT, gas royalties, companies' income taxes, excise taxes, petroleum profit taxes, PPT, electronic money transfer levies, EMTL, and CET levies, but there were also notable decreases in excise duties, oil royalties, petroleum profit tax, and petroleum profit tax.

The FAAC disclosed in a press release following the meeting that the N1.12 trillion aggregate distributable revenue was made up of 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.

The announcement also stated that as of March 2024, a total of N1.8 trillion in income was available, with N69.537 billion going toward collection costs and N674.880 billion going for transfers, interventions, and refunds.

In March 2024, gross statutory revenue was received at N1.017 trillion, a decrease of N175. 212 billion from the N1.192 trillion received in February 2024.

There was N89.210 billion more gross revenue from VAT available in March 2024 (N549.698 billion) than there was in February 2024 (N460.488 billion).

The federal government received N345.890 billion, state governments received N398.689 billion, and local government councils received N288.688 billion of the total distributable revenue.

13 percent of mineral earnings, or N90.124 billion, went to the states that produce minerals.

The federal government received N133.960 billion, the state governments received N67.946 billion, and the local government councils received N52.384 billion from the N311.233 billion distributable statutory revenue. The beneficiary states received N56.943 billion as derivation money, or 13% of the total revenue from minerals.

From the N511.879 billion distributable VAT revenue, the Federal Government received N76.782 billion, the State Governments received N255.940 billion, and the Local Government Councils received N179.158 billion.

The N14.754 billion Electronic Money Transfer Levy was also divided, with N2.213 billion going to the federal government, N7.377 billion to state governments, and N5.164 billion going to local government councils.

State governments earned N67.426 billion, local government councils received N51.983 billion, while the federal government received N132.935 billion from the N285.525 billion Exchange Difference revenue. The beneficiary states received N33.181 billion, or 13% of the mineral earnings, as derivation money.

The Excess Crude Account (ECA) now has $473,754.57 in balance.