Saturday, 20 April 2024 03:30

FAAC: FG, states, LGs share N1.123tn for March 2024

Rate this item
(0 votes)

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the federal, state, and local governments for March 2024.

According to a statement by Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, the allocation was derived from a gross total of N1.867 trillion.

This allocation breakdown includes N345.890 billion for the Federal Government, N398.689 billion for states, and N288.688 billion for local governments. Oil-producing states received N90.224 billion as part of the 13% mineral revenue derivation.

The statement also highlighted a notable increase in the gross revenue from Value Added Tax (VAT) for March 2024, amounting to N549.698 billion. This represents a significant rise of N89.210 billion compared to the previous month, reflecting the country's economic growth and improved tax compliance.

However, despite the positive trend in VAT revenue, the Gross Statutory Revenue for March was N1.017 trillion, which is lower than February's figure of N1.192 trillion by N175.212 billion. This decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

Meanwhile, the balance in the Excess Crude Account as of April 2024 was $473,754.57.

March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.