FAAC Disburses N1.123tn to Federal, State, and Local Governments for March 2024

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The Federation Account Allocation Committee (FAAC) has distributed a total of N1.123tn to the federal, state, and local governments for March 2024, sourced from a gross revenue of N1.867tn, to support various government initiatives.

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In a statement signed by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, this critical allocation is aimed at providing necessary funds for developmental projects and essential services across Nigeria’s governmental tiers.

The monthly disbursement by FAAC plays a pivotal role in driving progress and enabling governmental bodies at different levels to fulfill their duties effectively.

During the meeting chaired by the Accountant General of the Federation, Mrs. Oluwatoyin Madein, the allocation breakdown was detailed as follows: the Federal Government received N345.890bn, states received N398.689bn, local governments received N288.688bn, and oil-producing states received N90.224bn as part of the 13% mineral revenue derivation.

The statement also highlighted an increase in Value Added Tax (VAT) revenue for March 2024, reaching N549.698bn—an N89.210bn rise from the previous month, reflecting economic growth and improved tax compliance.

However, the Gross Statutory Revenue for March stood at N1.017tn, lower than February’s N1.192tn by N175.212bn, attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

As of April 2024, the Excess Crude Account maintains a balance of $473,754.57, securing reserves for future financial stability.

FAAC’s strategic allocation of funds is expected to stimulate economic activities nationwide and bolster government efforts in enhancing infrastructure, healthcare, education, and other critical sectors to benefit citizens.


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Charles Akpeji
Charles Akpejihttps://naija247news.com
Charles Akpeji has over 20 years experience in journalism and he is Naija247news Taraba Correspondent. He lives and works from Jalingo, the state capital.

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