The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the federal, state, and local governments for March 2024, derived from a gross total of N1.867 trillion, to bolster various governmental functions.
In a statement signed by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, it was disclosed that the FAAC meeting, chaired by the Accountant General of the Federation, Mrs. Oluwatoyin Madein, distributed funds to the 36 states and 774 local government areas across Nigeria.
The allocation aims to facilitate progress and support government bodies in executing their responsibilities, ensuring the continuation of development projects and provision of essential services.
The Federal Government received N345.890 billion, states received N398.689 billion, local governments received N288.688 billion, and oil-producing states received N90.224 billion as 13 percent mineral revenue derivation.
Furthermore, VAT revenue for March 2024 increased to N549.698 billion, indicating economic growth and enhanced tax compliance. However, the Gross Statutory Revenue for March, amounting to N1.017 trillion, was lower than February’s N1.192 trillion due to reductions in various levies.
As of April 2024, the Excess Crude Account holds a balance of $473,754.57, serving as 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 in enhancing infrastructure, healthcare, education, and other critical sectors.
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