The Federation Account Allocation Committee (FAAC) has disbursed a substantial sum of N1.123 trillion to federal, state, and local governments for March 2024.
PLATFORM TIMES gathered that this allocation, derived from a gross total of N1.867 trillion, underscores the critical distribution of funds aimed at bolstering various government tiers.
The Director of Information and Public Relations at the Ministry of Finance,Mohammed Manga,in a statement emphasised the FAAC’s role in examining and approving the distribution of financial resources to the states and the Federal Government.
Chaired by the Accountant General of the Federation, Mrs. Oluwatoyin Madein, the FAAC meeting highlighted the significance of the allocation in ensuring the continuation of development projects and essential services provision at all government levels.
The breakdown of the allocation revealed 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 per cent mineral revenue derivation.
An increase in gross revenue from Value Added Tax (VAT) for March 2024, totaling N549.698 billion, was noted—an N89.210 billion rise from the previous month, reflecting the country’s economic growth and improved tax compliance.
However, despite the positive trend in VAT, the Gross Statutory Revenue of N1.017 trillion for March was lower than February’s N1.192 trillion by N175.212 billion.
It was learnt that this decrease was attributed to reductions in various revenue sources.
PLATFORM TIMES reports that the balance in the Excess Crude Account as of April 2024 stands at $473,754.57, indicating a reserve for future financial stability.
Overall, the FAAC’s decision to allocate these funds is expected to boost economic activities nationwide and support the government’s efforts in improving infrastructure, healthcare, education, and other vital sectors.
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