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FAAC: FG, states, LGAs shared N1.1trn in March — down by N30bn

Report: Fraud in Nigeria’s financial sector increased by 83% to N17.67bn in four years Report: Fraud in Nigeria’s financial sector increased by 83% to N17.67bn in four years

The federation account allocation committee (FAAC) says the three tiers of government shared N1.12 trillion in March 2024.

The figure represents a decrease of N30 billion compared to the N1.15 trillion shared in February 2024.

FAAC announced the figures on April 19 in a communique issued by Bawa Mokwa, director of press and public relations in the office of the accountant-general of the federation (OAGF).

According to the communique, the country had a total of  N1,123,391,000,000 as distributable revenue — which comprises distributable statutory revenue of N311.23 billion, distributable value-added tax and revenue of N511 billion, electronic money transfer levy (EMTL) revenue of N14 billion, and exchange difference revenue of N285 billion.

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FAAC said a total revenue of N1,867,808,000,000 was available in March 2024 and total deductions for the cost of collection was N69 billion while total transfers, interventions, and refunds were N674 billion.

A gross statutory revenue of N1.017 trillion was said to have been received in March, representing a N175 billion decline from the N1.192 trillion received in February 2024.

For the gross revenue from value-added tax, N549.69 billion was available. This was higher by N89 billion when compared to the N460 billion available in February 2024.

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From the total distributable revenue, the federal government received N345 billion, states got N398 billion, local governments received N288.688 billion while mineral-producing states got N90 billion as 13 percent derivative.

FAAC said out of the N311 billion distributable statutory revenue, the federal government received N133 billion, states received N67 billion and local governments received N52 billion.

The sum of N56 billion was shared as 13 percent of mineral revenue with the benefiting states as derivation revenue.

FAAC also said the federal government received N76 billion, states received N255 billion and the local governments received N179.15 billion from the N511.87 billion distributable VAT revenue.

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Also, the committee said there was an increase in import duty, VAT, gas royalty, and company income tax (CIT) for March 2024.

However, there were decreases in excise duty, oil royalty, petroleum profit tax (PPT), electronic money transfer levy (EMTL), and customs and excise tariff (CET) levies.

FAAC said the balance in the excess crude account remained at $473,754.

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