FAAC Shares N1.1 Trillion Revenue Among Federal, State, and Local Governments for March 2024

The Federation Account Allocation Committee (FAAC) has shared a total of N1.123 trillion in revenue for March 2024 among the federal, state, and local governments in Nigeria. The revenue comprised statutory revenue of N311.233 billion, Value Added Tax (VAT) revenue of N511.879 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.754 billion, and exchange difference revenue of N285.525 billion.

The federal government received N345.890 billion, the state governments received N398.689 billion, and the local government councils received N288.688 billion from the total distributable revenue. Additionally, N90.124 billion was shared with the oil-producing states as 13% derivation revenue.

Why this matters: The FAAC allocation plays a vital role in funding developmental projects and essential services across Nigeria's federal, state, and local government levels. The distribution of this significant revenue is anticipated to stimulate economic activities and support government efforts in improving infrastructure, healthcare, education, and other vital sectors for the benefit of citizens nationwide.

The communique from the FAAC meeting, chaired by the Accountant General of the Federation, Mrs. Oluwatoyin Madein, noted increases in Import Duty, VAT, Gas Royalty, and Company Income Tax compared to the previous month. However, decreases were recorded in Excise Duty, Oil Royalty, Petroleum Profit Tax, EMTL, and Customs and Excise Tariff Levies.

The gross statutory revenue of N1.017 trillion received in March 2024 was lower than the N1.192 trillion received in February by N175.212 billion. The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of April 2024.

The allocation of these funds is aimed at supporting the various tiers of government in executing their duties and driving progress across the nation. "The strategic allocation of funds by FAAC is expected to stimulate economic activities nationwide and bolster government efforts in enhancing infrastructure, healthcare, education, and other critical sectors to benefit citizens," the communique stated.

Key Takeaways

• FAAC shared N1.123 trillion in revenue for March 2024 among FG, states, and LGs.
• FG received N345.89bn, states N398.69bn, LGs N288.69bn, and oil states N90.12bn.
• FAAC allocation funds developmental projects and essential services across Nigeria.
• Gross statutory revenue decreased from N1.192tn in Feb to N1.017tn in Mar 2024.
• ECA balance stood at $473,754.57 as of April 2024.