FG, States, LGs In Nigeria share N1.123tn in March

[Adanna]

The Federation Account Allocation Committee distributed N1.123 trillion to the federal, state, and local governments for March 2024, according to a statement by the Ministry of Finance. This allocation, derived from a total gross revenue of N1.867 trillion, represents a critical infusion of funds to support Nigeria's various government tiers.

As part of its mandated role, FAAC examines and approves the allotment of financial resources across the 36 states and 774 local government areas monthly. This latest disbursement will enable governmental bodies at all levels to execute key duties and drive progress. 

Compared to February's N1.152 trillion, March's allocation saw an increase, reflecting economic growth and improved tax compliance. Specifically, Value Added Tax revenue rose significantly to N549.698 billion, up N89.210 billion month-on-month. However, Gross Statutory Revenue declined by N175.212 billion to N1.017 trillion due to reductions in excise duty, oil royalty, petroleum profit tax, customs levies, and e-money transfer levy.

Per the statement, the Federal Government received N345.890 billion, while states and local governments got N398.689 billion and N288.688 billion respectively. 13% mineral revenue derivation was allotted N90.224 billion for oil-producing states.

With a closing Excess Crude Account balance of $473,754.57 in April, Nigeria retains a reserve to ensure future financial stability. Overall, the allocated funds should stimulate nationwide economic activity and support the government's vital infrastructure, healthcare, education and other development goals.

https://punchng.com/breaking-fg-states-lgs-share-n1-123tn-in-march/

[Alameen Karim Merali]

This is a good article.