The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.123 trillion to various levels of government in March 2024 from various revenue sources, including statutory allocations, value added tax (VAT), and electronic money transfer levies (EMTL).
According to a statement from the Office of the Accountant General signed by its Director (Press and Public Relations), Bawa Mokwa, the Federal Government secured N345.890 billion, while state governments received N398.689 billion. Local government councils took home N288.688 billion.
The total distributable revenue comprised N311.233 billion from distributable statutory revenue, N511.879 billion from VAT, N14.754 billion from the EMTL, and N285.525 billion from exchange difference revenue. Additionally, the states benefited from N90.124 billion as derivation revenue, representing 13% of mineral revenue.
The total revenue available in March 2024 was N1.868 trillion, after accounting for costs of collection (N69.537 billion) and transfers, interventions, and refunds (N674.880 billion). This means that the three tiers of government got about 60.12% of the total revenue made in March 2024.
The performance of revenue-generating activities was mixed, with increases noted in import duty, VAT, gas royalty, and companies’ income tax, while excise duty, oil royalty, petroleum profit tax, and other levies saw decreases.
The balance in the Excess Crude Account (ECA) stood at $473,754.57 at the end of March 2024. This balance is a crucial part of Nigeria’s financial reserves, serving as a buffer against economic fluctuations driven by oil price volatility.