The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1,152.756 trillion in February 2024 Federation Account Revenue to the Federal Government, States, and Local Government Councils. This allocation was shared during the March 2024 FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
A communiqué issued by FAAC detailed the breakdown of the total distributable revenue, which included distributable statutory revenue of N101.349 billion, distributable Value Added Tax (VAT) revenue of N428.806 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion, and Exchange Difference revenue of N607.444 billion.
The available total revenue for February 2024 stood at N2,326.149 billion. After deductions for the cost of collection, transfers, interventions, and refunds totaling N856.937 billion, savings amounted to N250.000 billion.
February 2024 saw an increase in gross statutory revenue compared to January 2024, with N1,192.428 billion received, marking a rise of N40.620 billion. Similarly, VAT revenue also surged to N460.487 billion, up by N39.755 billion from the previous month.
From the total distributable revenue, the Federal Government received N352.409 billion, State Governments received N366.950 billion, and Local Government Councils received N267.153 billion. Additionally, N166.244 billion (13% of mineral revenue) was shared among benefiting States as derivation revenue.
Further breakdown revealed allocations from specific revenue streams, including distributable statutory revenue, VAT revenue, EMTL revenue, and Exchange Difference revenue. Notably, Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT, and CET Levies experienced significant increases, while Companies Income Tax (CIT) and EMTL recorded decreases.
The balance in the Excess Crude Account (ECA) stood at $473,754.57 at the end of February 2024.
This significant allocation underscores FAAC's commitment to equitable distribution of revenue among the tiers of government, supporting various developmental initiatives across the country.
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