Breaking: The Federation Account Allocation Committee has dispersed a total sum of N1.123 trillion to the federal, state, and local governments for March 2024. This allocation, sourced from a gross amount of N1.867 trillion, signifies a crucial distribution of funds aimed at bolstering various tiers of government.
According to a statement by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, this allocation plays a pivotal role in ensuring that all levels of government have the necessary financial resources to pursue developmental projects and provide essential services to citizens. The committee, tasked with disbursing funds across Nigeria’s 36 states and 774 local government areas on a monthly basis, is instrumental in this process.
The breakdown of the allocation reveals that the Federal Government received N345.890 billion, while states and local governments received N398.689 billion and N288.688 billion, respectively. Additionally, oil-producing states received N90.224 billion as 13% mineral revenue derivation.
Furthermore, the statement highlighted an increase in Value Added Tax (VAT) gross revenue for March 2024, totaling N549.698 billion, reflecting economic growth and improved tax compliance. However, the Gross Statutory Revenue for March stood at N1.017 trillion, lower than February’s N1.192 trillion by N175.212 billion. This decline is attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.
Despite these fluctuations, the balance in the Excess Crude Account as of April 2024 is reported at $473,754.57, indicating a reserve for future financial stability.
The FAAC’s decision to allocate these funds is expected to stimulate economic activities nationwide and support government initiatives aimed at improving infrastructure, healthcare, education, and other vital sectors.
