Federal Allocation Committee Allocates N1.15 Trillion To Government Entities, Grants Additional N10 Billion To Federal Coffers

Federal Allocation Committee Allocates N1.15 Trillion To Government Entities, Grants Additional N10 Billion To Federal Coffers....KINDLY READ THE FULL STORY HERE▶

In February 2024, there was a notable increase of N10 billion in the funds disbursed to the three tiers of government through the Federation Account Allocation Committee (FAAC). According to Naija News, a total of N1.15 trillion was allocated to the federal, state, and local governments during this period.

This information was revealed in a statement released by FAAC following its March meeting, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. The breakdown of the N1.15 trillion distributed revenue included N101.34 billion from statutory revenue, N428.80 billion from value-added tax (VAT) revenue, N15.15 billion from electronic money transfer levy (EMTL) revenue, and N607.44 billion from exchange difference revenue.

FAAC disclosed that a total revenue of N2,326.149 billion was available in February 2024. After deducting N66.456 billion for the cost of collection, N856.937 billion was allocated for transfers, interventions, and refunds, while N250.000 billion was saved.

The gross statutory revenue for February 2024 stood at N1,192.428 billion, showing an increase of N40.620 billion compared to January 2024. Additionally, VAT revenue for February was N460.487 billion, up by N39.755 billion from January.

Out of the total distributable revenue, the federal government received N352.40 billion, state governments got N366.95 billion, and local governments were allocated N267.15 billion. Furthermore, N166.24 billion was distributed to relevant states as 13 percent derivation revenue.

Regarding the breakdown of the distributable statutory revenue, the federal government received N7.351 billion, state governments received N3.729 billion, and local government councils received N2.875 billion. Additionally, N87.394 billion was shared among the benefiting states as derivation revenue.

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