FAAC Distributes N1.123 Trillion For March 2024

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The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.123 trillion to the Federal Government, States, and Local Government Councils for March 2024.
This information was revealed in a communique issued by FAAC at the end of its April 2024 meeting.
The N1.123 trillion distributed revenue was broken down as: Distributable statutory revenue, N311.233 billion; Distributable Value Added Tax (VAT) revenue, N511.879 billion; Electronic Money Transfer Levy (EMTL) revenue, N14.754 billion and Exchange Difference revenue, N285.525 billion.
While the total distributable revenue was lower than February’s N1.192 trillion by N69 billion, there were some bright spots.
Gross revenue available from Value Added Tax (VAT) in March 2024 was N549.698 billion, a significant increase of N89.210 billion compared to February’s N460.488 billion. This suggests increased economic activity, particularly in sectors that generate VAT.
Gross statutory revenue for March 2024 was N1.017 trillion, lower than the N1.192 trillion received in February.  The communiqué did not specify reasons for the decline. Electronic Money Transfer Levy (EMTL) revenue also dipped slightly compared to February.