In the latest Federation Account Allocation Committee (FAAC) meeting held in March 2024, the Federal Government, States, and Local Government Councils (LGCs) divided a total sum of N1,123.391 trillion, a distribution from a gross total of N1,867.808 trillion.
This allocation, overseen by the Accountant General of the Federation, Mrs. Oluwatoyin S. Madein, reflects both gains and losses in various revenue streams.
The breakdown of the allocation reveals that the Federal Government received N345.890 billion, with States getting N398.689 billion, LGCs obtaining N288.688 billion, and Oil Producing States receiving N90.124 billion as Derivation, constituting 13% of Mineral Revenue. Additionally, N69.537 billion was set aside for collection costs, and N674.880 billion was allocated for Transfers Intervention and Refunds.
One notable increase was observed in Value Added Tax (VAT), which surged to N549.698 billion compared to N460.488 billion in the preceding month, indicating a significant boost of N89.210 billion. From this amount, N21.988 billion was allotted for collection costs, N15.831 billion for Transfers, Intervention, and Refunds, while the remaining N511.879 billion was distributed among the three tiers of government.
However, there was a decline in Gross Statutory Revenue, which dropped to N1,017.216 trillion from N1,192.428 trillion in February 2024, marking a decrease of N175.212 billion. Despite this, a substantial sum of N659.049 billion was allocated for Transfers, Intervention, and Refunds, leaving a balance of N311.233 billion distributed among the Federal Government, States, LGCs, and Derivation Revenue.
Electronic Money Transfer Levy (EMTL) and Exchange Difference revenues were also accounted for, with N15.369 billion and N285.525 billion respectively, contributing to the overall distributable amount for the month.
While certain revenue streams such as VAT, Import Duty, Gas Royalty, and Companies Income Tax (CIT) experienced notable increases, others like Excise Duty, Oil Royalty, and Petroleum Profit Tax (PPT) recorded decreases, alongside Customs External Tariff levies (CET) and Electronic Money Transfer Levy (EMTL).
The total distributable revenue for March 2024 comprised Statutory Revenue, VAT, EMTL, and Exchange Difference, amounting to N1,123.391 trillion, as announced in the Communique issued by FAAC.
In addition to the revenue distribution, the Excess Crude Account (ECA) balance as of April 2024 was reported at $473,754.57, indicating the financial status of the nation’s reserve.