The Federation Account Allocation Committee (FAAC) has shared a total sum of N1. 1 trillion to the federal, state and Local Governments.
This was disclosed in a communique issued by the FAAC at its April, 2024 meeting and made available by Director of Press and Public Relations of the Office of the Accountant-General of the Federation Mr. Bawa Mokwa, Saturday.
This allocation includes N311.233 billion from statutory revenue, N511.879 billion from Value Added Tax (VAT), N14.754 billion from the Electronic Money Transfer Levy, and N285.525 billion from exchange differences.
The total revenue available in March 2024 was N1867.808 billion.
Out of the N1123.391 billion distributable, the federal government received N345.890 billion, state governments N398.689 billion, and local governments N288.688 billion, with N90.124 billion shared as derivation revenue for mineral-producing states.
Further breakdowns include the federal government receiving N133.960 billion from statutory revenue, N76.782 billion from VAT, N2.213 billion from the EMTL, and N132.935 billion from exchange differences.
