The Federation Account Allocation Committee (FAAC) has shared more than N1.123 trillion as allocation for the month of March to different levels of government in Nigeria.
The money is split among the federal government, state governments, and local governments, News About Nigeria reports.
This announcement was made by Mohammed Manga, the Director of Information and Public Relations, in the Ministry of Finance, on Friday.
According to the statement signed by Manga, out of a total of N1.867 trillion, N1.123 trillion has been shared to support different government activities.
Manga said the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and reiterated the importance of the allocation.
According to the statement, the Federal Government received N345.890 billion, while the states and local governments got N398.689 billion and N288.688 billion respectively. Oil-producing states also received N90.224 billion as part of their 13 per cent mineral revenue derivation.
The statement also revealed an increase in Value Added Tax (VAT) revenue for March 2024. It went up to N549.698 billion, showing growth in the country’s economy and better tax payment, the statement said.
However, the overall revenue for March was lower compared to February, mainly due to decreases in certain taxes and levies.
As of April 2024, the FAAC said there are still funds left in the Excess Crude Account, which serves as the country’s reserve for future needs. The account has a total of $473,754.57.
The FAAC is responsible for deciding how to divide money among the states and the federal government. Every month, the commission ensures money is sent to the 36 states and 774 local government areas in the country.
Recall that in February 2024, the FAAC shared N1.152 trillion among the three tiers of government from a total of N2.326 trillion.
