FAAC Disburses N1.123trn To FG, States, LGAs For April

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1,123.391 billion as Federation Account Revenue for March 2024 to the federal government, states, and local government councils.

The allocation includes distributable statutory revenue of N311.233 billion, Value Added Tax (VAT) revenue of N511.879 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.754 billion, and Exchange Difference revenue of N285.525 billion.

Out of the total distributable revenue, the federal government received N345.890 billion, state governments received N398.689 billion, and local government areas got N288.688 billion. Additionally, N90.124 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue.

From the distributable statutory revenue, the federal government received N133.960 billion, state governments received N67.946 billion, and local government area received N52.384 billion.

Furthermore, the federal government obtained N76.782 billion, state governments received N255.940 billion, and LGAs received N179.158 billion from the distributable Value Added Tax (VAT) revenue.

The breakdown also reveals that the Electronic Money Transfer Levy (EMTL) of N14.754 billion was distributed, with the federal government receiving N2.213 billion, state governments receiving N7.377 billion, and Local government areas receiving N5.164 billion.

Moreover, the exchange difference revenue of N285.525 billion was shared, with the Federal Government receiving N132.935 billion, state governments receiving N67.426 billion, and local government receiving N51.983 billion.

Additionally, N33.181 billion (13 percent of mineral revenue) was allocated to the benefiting States as derivation revenue.