In a significant financial distribution, the Federation Account Allocation Committee (FAAC) disbursed a total of ₦2.33 trillion to the three tiers of government in March 2024. This distribution is based on the revenue generated in February 2024.
The total amount disbursed comprised ₦1.19 trillion from the Statutory Account, ₦657.44 billion from Exchange Gain, ₦15.79 billion from the Electronic Money Transfer Levy (EMTL), and ₦460.49 billion from Value Added Tax (VAT).
Also, in April 2024, FAAC disbursed a total of ₦1.87 trillion to the three tiers of government. This allocation was sourced from the total revenue generated in March 2024.
The distributed amount included revenues from various sources: ₦1.02 trillion from the Statutory Account, ₦285.52 billion from Exchange Gain, ₦15.37 billion from the Electronic Money Transfer Levy (EMTL), and ₦549.70 billion from Value Added Tax (VAT).
Breakdown of March Allocations:
- Federal Government: ₦352.41 billion
- States: ₦366.95 billion
- Local Governments: ₦267.15 billion
Special Allocations:
Additionally, ₦166.24 billion was distributed among the oil-producing states from the 13 per cent derivation fund. The oil-producing states and their respective allocations are as follows:
- Akwa Ibom: ₦41.66 billion
- Delta: ₦37.18 billion
- Rivers: ₦30.52 billion
- Bayelsa: ₦25.35 billion
- Ondo: ₦12.75 billion
- Edo: ₦8.77 billion
- Imo: ₦4.54 billion
- Abia: ₦2.47 billion
- Lagos: ₦2.27 billion
Revenue Generating Agencies:
The revenue-generating agencies also received their share as costs of revenue collections:
- Nigeria Customs Service (NCS): ₦20.04 billion
- Federal Inland Revenue Service (FIRS): ₦26.91 billion
A further breakdown of the Federal Government’s allocation revealed that ₦202.25 billion was disbursed to the consolidated revenue account.
Also read: PIB and Marginal Fields Allocation to Boost Nigerian Oil Reserves to 40 Billion Barrels
Additionally, the government received ₦5.43 billion as a share of derivation and ecology, ₦2.71 billion for the stabilisation fund, ₦9.11 billion for the development of natural resources, and ₦9.47 billion allocated to the Federal Capital Territory (FCT), Abuja.
Breakdown of April Allocations:
- Federal Government: The federal government received ₦345.89 billion in total. This includes:
- ₦214.23 billion to the FGN consolidated revenue account
- ₦5.07 billion from derivation and ecology
- ₦2.53 billion for the stabilisation fund
- ₦8.51 billion for the development of natural resources
- ₦10.08 billion allocated to the Federal Capital Territory (FCT) – Abuja
- State Governments: States collectively received ₦398.69 billion. This distribution aids the states in managing their respective financial obligations and developmental projects.
- Local Governments: Local governments were allocated a total of ₦288.69 billion. These funds are crucial for grassroots development and local administrative functions.
Special Allocations:
- Oil-Producing States: A sum of ₦90.12 billion was shared among the oil-producing states from the 13 per cent derivation fund. The distribution was as follows:
- Akwa Ibom: ₦11.31 billion
- Delta: ₦17.61 billion
- Bayelsa: ₦11.66 billion
- Rivers: ₦9.81 billion
- Edo: ₦3.68 billion
- Ondo: ₦3.26 billion
- Imo: ₦3.18 billion
- Abia: ₦1.75 billion
- Cross River: ₦504.21 million
These allocations provide significant support for these regions that are critical to Nigeria’s petroleum industry.
- Revenue Generating Agencies: Several key revenue-generating agencies received funds for their operations:
- Nigeria Customs Service (NCS) received ₦23.53 billion
- Federal Inland Revenue Service (FIRS) was allocated ₦30.13 billion
- Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received ₦15.87 billion
These disbursements ensure that the agencies continue their essential functions in revenue collection and regulation.
The April 2024 disbursement by FAAC demonstrates a continued commitment to equitable distribution of national revenue among the federal, state, and local governments. The funds are crucial for the implementation of various governmental responsibilities and developmental projects across Nigeria.
