FG, States, LGs Share N1.123tn March Revenue

Ndubuisi Francis in Abuja 

The Federation Account Allocation Committee (FAAC) yesterday shared a total sum of N1.123.391 trillion Federation Account Revenue to the federal, states and local governments for the month of March.

The amount is lower than the N1.152.756 trillion shared in the preceding month of February.

Citing a communique issued by the FAAC at its April, 2024 meeting in Abuja, a statement from the Office of the Accountant General of the Federation (OAGF), said the N1123.391. trillion total distributable revenue comprised distributable statutory revenue of N311.233 billion, distributable 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.   

According to the statement, a total revenue of N1.867.808 trillion was available in the month of March 2024.  

Total deductions for cost of collection was N69.537 billion while total transfers, interventions and refunds was N674.880 billion. 

Gross statutory revenue of N1,017.216 trillion was received for the month of March 2024. 

This was lower than the N1,192.428 trillion received in the month of February 2024 by N175. 212 billion.  

The gross revenue available from VAT in March 2024 was N549.698 billion, indicating a rise over the N460.488 billion available in the month of February 2024 by N89.210 billion.   

The communique stated that from the N1.123.391 trillion total distributable revenue, the federal government received a total of N345.890 billion, the state governments received N398.689 billion while the local government councils received N288.688 billion.

A total sum of N90.124 billion (representing 13 per cent of mineral revenue) was shared to the benefiting states as derivation 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 governments got N52.384 billion. The sum of N56.943 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue. 

Also, the federal government received N76.782 billion, states received N255.940 billion and the local governments received N179.158 billion from the N511.879 billion distributable VAT revenue for the month of March.

The N14.754 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N2.213 billion, states received N7.377 billion while the local government councils received N5.164 billion.

The federal government also received N132.935 billion from the N285.525 billion Exchange Difference revenue.  

The state governments received N67.426 billion, and the local governments received N51.983 billion. 

The sum of N33.181 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue. 

 Import Duty, VAT, Gas Royalty, companies income tax (CIT) and others increased considerably while Excise Duty, Oil Royalty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies in the month of March.     

The balance in the Excess Crude Account (ECA) remains static at  $473,754.57.