Nigeria on Friday allocated a staggering N1.123 trillion to the three tiers of government from the revenue generated in March after The Federation Account Allocation Committee (FAAC) April meeting held in Abuja.
According to a statement released by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, March 2024 saw a substantial increase in revenue from import duty, value-added tax (VAT), gas royalty, companies’ income tax (CIT), and other sources.
Nevertheless, there were declines in excise duty, oil royalty, petroleum profit tax (PPT), electronic money transfer levy (EMTL), and CET Levies.
The breakdown of the total distributable revenue of N1,123,391,000,000 revealed that it comprised distributable statutory revenue of N311.233 billion, distributable VAT revenue of N511.879 billion, EMTL revenue of N14.754 billion, and exchange difference revenue of N285.525 billion.
With a total revenue of N1,867,808,000,000 available in March 2024, deductions for the cost of collection amounted to N69.537 billion, while transfers, interventions, and refunds totaled N674.880 billion.
Notably, there was a decline in gross statutory revenue, which stood at N1.017 trillion for March 2024, down by N175.212 billion from the previous month.
On the other hand, gross revenue from VAT saw a significant increase, reaching N549.698 billion in March 2024, up by N89.210 billion compared to February 2024.
The distribution of the total revenue was as follows: the federal government received N345.890 billion, state governments received N398.689 billion, and local government councils received N288.688 billion.
Additionally, mineral-producing states received an extra N90.124 billion (13% of mineral revenue).
From the distributable statutory revenue of N311.233 billion, the Federal Government received N133.960 billion, state governments received N67.946 billion, and local government councils received N52.384 billion.
Also, N56.943 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
Furthermore, the Federal Government received N76.782 billion, state governments received N255.940 billion, and local government councils received N179.158 billion from the distributable VAT revenue of N511.879 billion.
EMTL revenue of N14.754 billion was also shared, with the Federal Government receiving N2.213 billion, state governments receiving N7.377 billion, and local government councils receiving N5.164 billion.
Finally, the Federal Government received N132.935 billion from the N285.525 billion exchange difference revenue, while state governments received N67.426 billion and local government councils received N51.983 billion.
An additional N33.181 billion (13% of mineral revenue) was shared with mineral-producing states as derivation revenue.
