The Federation Account Allocation Committee (FAAC) disbursed a total sum of N1.123 trillion as Federation Account Revenue for March 2024 to the federal, state, and local government levels following its April meeting in Abuja.
According to a statement by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, various revenue streams, including import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT), witnessed notable increases.
However, excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies experienced declines during the period.
The breakdown of the N1,123,391,000,000 total distributable revenue revealed distributable statutory revenue of N311.233 billion, distributable VAT revenue of N511. 879 billion, EMTL revenue of N14.754 billion, and exchange difference revenue of N285.525 billion.
Out of the total revenue of N1,867,808,000,000 available in March 2024, deductions for the cost of collection amounted to N69.537 billion, while total transfers, interventions, and refunds stood at N674.880 billion.
Gross statutory revenue for March 2024 amounted to N1.017 trillion, indicating a decline of N175.212 billion compared to the previous month. Conversely, gross revenue from VAT saw an increase, reaching N549.698 billion, up by N89.210 billion from February 2024.
The distribution of the total revenue saw the Federal Government receiving N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion. Additionally, mineral-producing states received an extra N90.124 billion as their share of mineral revenue.
From the distributable statutory revenue of N311.233 billion, the Federal Government received N133.960 billion, state governments N67.946 billion, and local government councils N52.384 billion. Furthermore, N56.943 billion, equivalent to 13% of mineral revenue, was allocated to mineral-producing states as derivation revenue.
The allocation from the distributable VAT revenue of N511.879 billion saw the Federal Government receiving N76.782 billion, state governments N255.940 billion, and local government councils N179.158 billion.
Moreover, N14.754 billion from EMTL revenue was shared, with the Federal Government receiving N2.213 billion, state governments N7.377 billion, and local government councils N5.164 billion.
The exchange difference revenue of N285.525 billion was distributed, with the Federal Government receiving N132.935 billion, state governments N67.426 billion, and local government councils N51.983 billion. An additional N33.181 billion, representing 13% of mineral revenue, was disbursed to mineral-producing states as derivation revenue.
The Excess Crude Account (ECA) balance stood at $473,754.57 as of the reporting period.
