Following its April meeting in Abuja, the Federation Account Allocation Committee (FAAC) split N1.123 trillion in March 2024 Federation Account Revenue with the three tiers of government on Friday.
According to Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, import duty, value-added tax (VAT), gas royalty, companies’ income tax (CIT), and other taxes increased significantly in March 2024, while excise duty, oil royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies decreased.
FAAC revealed in a communique issued at the conclusion of the April meeting that the total distributable revenue of N1,123,391,000,000 included 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.
The communique further revealed that total revenue of N1,867,808,000,000 was available in March 2024 and total deductions for the cost of collection was N69.537 billion while total transfers, interventions, and refunds were N674.880 billion.
Gross statutory revenue of N1.017 trillion was received for March 2024, a N175. 212 billion decline from the N1.192 trillion received in February 2024.
The gross revenue available from VAT in March 2024 was N549.698 billion and it is N89.210 billion higher than the N460.488 billion available in February 2024.
The total distributable revenue was shared as follows: Federal Government N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion.
The mineral-producing states received an additional N90.124 billion (13% of mineral 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 with the benefiting states as derivation revenue.
The Federal Government received N76.782 billion, the state governments received N255.940 billion and the local government councils received N179.158 billion from the N511.879 billion distributable VAT revenue.
N14.754 billion EMTL was also shared and the Federal Government received N2.213 billion, state governments received N7.377 billion and the local government councils received N5.164 billion.
The Federal Government received N132.935 billion from the N285.525 billion Exchange Difference revenue, state governments received N67.426 billion, and the local government councils received N51.983 billion. The sum of N33.181 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
Balance in the Excess Crude Account (ECA) stands at $473,754.57.