A total of N1.123tn has been disbursed to the federal, state, and local governments for March 2024.
The allocation by the Federation Account Allocation Committee, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various tiers of government.
In a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday, the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.
It notes that “This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.
The statement explains that the Federal Government received N345.890bn, states, and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.
The FAAC statement also notes an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.
“This increase reflects the country’s economic growth and improved tax compliance.
“Despite the positive trend in VAT, the Gross Statutory Revenue of N1.017tn for March was lower than February’s N1.192tn by N175.212bn.
“The decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.
