FAAC Distributes ₦1.15 Trillion Among FG, States, LGAs For February 2024, Government Receives Extra N10 Billion

FAAC Distributes ₦1.15 Trillion Among FG, States, LGAs For February 2024, Government Receives Extra N10 Billion

FAAC Distributes ₦1.15 Trillion Revenue Among FG, States, LGAs for February 2024, Government Receives Extra N10 Billion The Federation Account Allocation Committee (FAAC) disbursed a significant sum of ₦1.123 trillion from the March 2024 Federation Account revenue to the federal, state, and local government levels…….READ ALSO Reps Set To Investigate Allocation And Expenditure Of States’ FAAC Funds

This distribution, announced by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, signifies an increase in various key revenue streams such as import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT).

In a communique released after FAAC’s April meeting, it was revealed that the total distributable revenue included ₦311.233 billion from distributable statutory revenue, ₦511.879 billion from distributable VAT revenue, ₦14.754 billion from Electronic Money Transfer Levy (EMTL), and ₦285.525 billion from exchange difference revenue.

With a total available revenue of ₦1,867,808,000,000 for March, deductions for collection costs amounted to ₦69.537 billion, while transfers, interventions, and refunds reached ₦674.880 billion.

March’s gross statutory revenue stood at ₦1.017 trillion, a decrease of ₦175.212 billion from February. Conversely, gross revenue from VAT for the same period increased to ₦549.698 billion, marking a ₦89.210 billion rise over the previous month.

The breakdown of allocations included ₦345.890 billion for the Federal Government, ₦398.689 billion for state governments, and ₦288.688 billion for local government councils. Additionally, mineral-producing states received ₦90.124 billion as a 13% derivation of mineral revenue.

Of the ₦311.233 billion distributable statutory revenue, the Federal Government received ₦133.960 billion, state governments ₦67.946 billion, and local government councils ₦52.384 billion. A total of ₦56.943 billion was distributed as derivation revenue to the benefiting states.

Regarding the ₦511.879 billion distributable VAT revenue, the Federal Government received ₦76.782 billion, state governments ₦255.940 billion, and local government councils ₦179.158 billion.

Allocations from the ₦14.754 billion EMTL revenue saw the Federal Government receiving N2.213 billion, state governments ₦7.377 billion, and local government councils ₦5.164 billion.

Furthermore, the distribution of the ₦285.525 billion exchange difference revenue allotted ₦132.935 billion to the Federal Government, ₦67.426 billion to state governments, and ₦51.983 billion to local government councils, with an additional ₦33.181 billion shared as derivation revenue with mineral-producing states.

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