FG, states, LGAs share N1.123tn as March revenue allocation

The three tiers of government on Friday shared the sum of N1.12 trillion as revenue allocation for March.

The Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a statement at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja.

He said the distributable revenue comprised distributable statutory revenue of N311.233 billion, distributable Value Added Tax (VAT) revenue of N511. 879 billion, EMTL revenue of N14.754 billion, and exchange difference revenue of N285.525 billion.

The statement read: “The total revenue of N1.867 trillion was available in March 2024 and total deductions for the cost of collection were N69.537 billion while total transfers, interventions, and refunds were N674.880 billion.

“The gross statutory revenue of N1.017 trillion was received for March 2024, a N175. 212 billion decline from the N1.192 trillion received in February 2024.

“The gross revenue available from VAT in March 2024 was N549.698 billion and it is N89.210 billion higher than the N460.488 billion available in February 2024.

READ ALSO: FG, states, LGAs share N1.15tr as revenue allocation for January

“The total distributable revenue was shared as follows: Federal Government N345.890 billion, state governments N398.689 billion, and local government councils N288.688 billion.

“The mineral-producing states received an additional N90.124 billion (13% of mineral 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 government councils received N52.384 billion. The sum of N56.943 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

“The Federal Government received N76.782 billion, the state governments received N255.940 billion and the local government councils received N179.158 billion from the N511.879 billion distributable VAT revenue.

N14.754 billion EMTL was also shared and the Federal Government received N2.213 billion, state governments received N7.377 billion and the local government councils received N5.164 billion.

“The Federal Government received N132.935 billion from the N285.525 billion Exchange Difference revenue, state governments received N67.426 billion, and the local government councils received N51.983 billion. The sum of N33.181 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

“Balance in the Excess Crude Account (ECA) stands at $473,754.57.”

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