Alex Omenye
The Federation Account Allocation Committee has disclosed the distribution of N1.123 trillion to various levels of government in March 2024, sourced from diverse revenue streams including statutory allocations, value-added tax, and electronic money transfer levies.
In a statement from the Office of the Accountant General, signed by Director Bawa Mokwa, it was revealed that the Federal Government received N345.890 billion, while state governments obtained N398.689 billion, and local government councils were allocated N288.688 billion.
The total distributable revenue comprised N311.233 billion from distributable statutory revenue, N511.879 billion from VAT, N14.754 billion from electronic money transfer levies, and N285.525 billion from exchange difference revenue.
States also benefited from N90.124 billion as derivation revenue, constituting 13% of mineral revenue.
March’s gross statutory revenue stood at N1.017 trillion, marking a decrease from February’s N1.192 trillion by N175.212 billion. Conversely, VAT revenue experienced an increase, with N549.698 billion collected compared to N460.488 billion in the previous month, an increase of N89.210 billion.
From statutory revenue, the Federal Government received N133.960 billion, states got N67.946 billion, and local government councils were allocated N52.384 billion.
Derivation revenue from statutory sources amounted to N56.943 billion. In terms of VAT distribution, the Federal Government received N76.782 billion, states obtained N255.940 billion, and local government councils received N179.158 billion.
The electronic money transfer levy was divided with the Federal Government receiving N2.213 billion, states obtaining N7.377 billion, and local government councils receiving N5.164 billion. Exchange difference revenue provided the Federal Government with N132.935 billion, states with N67.426 billion, and local government councils with N51.983 billion.
The shared revenue accounted for about 60.12% of the total revenue made in March 2024, after considering costs of collection (N69.537 billion) and transfers, interventions, and refunds (N674.880 billion).
Revenue-generating activities exhibited mixed performance, with increases noted in import duty, VAT, gas royalty, and companies’ income tax, while excise duty, oil royalty, petroleum profit tax, and other levies experienced decreases.
The Excess Crude Account (ECA) balance stood at $473,754.57 at the end of March 2024, serving as a crucial part of Nigeria’s financial reserves to buffer against economic fluctuations driven by oil price volatility.
