The Federation Account Allocation Committee (FAAC) has shared a total ₦1.15 trillion to the Federal Government, States and Local Governments in March.
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The money was shared at the March 2024 meeting of the FAAC in Abuja. This is according to a statement issued by Mr. Mohammed Manga, the Director Press and Public Relations of the Federal Ministry of Finance.
A communique issued by FAAC at the end of its meeting shows that ₦1.15 trillion total distributable revenue comprised of;
- distributable statutory revenue of ₦101.34 billion
- distributable Value Added Tax (VAT) revenue of ₦428.80 billion
- Electronic Money Transfer Levy (EMTL) revenue of ₦15.15 billion
- Exchange Difference revenue of ₦607.44 billion
In February, total revenue of ₦2.32 trillion was available, while gross statutory revenue of ₦1.19 trillion was received.
There were deductions totaling ₦66.45 billion as transfers to interventions and refunds were ₦856.93 billion while savings was ₦250.00 billion.
The gross statutory revenue is higher than the one received in January by ₦40.62 billion.
Of the ₦1.15 trillion total distributable revenue, the Federal Government received ₦352.40 billion, the State Governments received ₦366.95 billion and the Local Government Councils received ₦267.15 billion.
13% mineral revenue totaling ₦166.24 billion was shared to the benefiting States as derivation revenue.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
