The Federation Account Allocation Committee (FAAC) met in February 2024 and distributed a total sum of N1.152 trillion to the Federal Government, states, and local government councils. This allocation came from a gross total of N2.326 trillion. The meeting was chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Out of the allocated amount, the Federal Government received N352.409 billion, the states received N366.950 billion, the local government councils received N267.153 billion, and the oil-producing states received N166.244 billion as derivation (13% of mineral revenue). Additionally, N66.456 billion was allocated for the cost of collection, N856.937 billion was allocated for transfers, intervention, and refunds, and N250.000 billion was saved.
The FAAC meeting also revealed that the gross revenue from Value Added Tax (VAT) for February 2024 was N460.487 billion, an increase of N39.755 billion from the previous month. From this amount, N18.420 billion was allocated for the cost of collection, N13.262 billion was allocated for transfers, intervention, and refunds, and the remaining N428.806 billion was distributed among the three tiers of government.
Furthermore, N1.192 trillion in gross statutory revenue was received in February 2024, an increase of N40.620 billion from the previous month. From this amount, N47.404 billion was allocated for the cost of collection, N843.675 billion was allocated for transfers, intervention, and refunds, and N200.000 billion was saved. The remaining N101.349 billion was distributed among the federal government, states, and local government councils.
Additionally, N15.789 billion from the Electronic Money Transfer Levy (EMTL) was distributed among the three tiers of government, and N657.444 billion from exchange difference was shared. Changes in various taxes and levies were also reported, with significant increases in Petroleum Profit Tax (PPT), VAT, Import Duty, Excise Duty, and Customs External Tariff levies (CET), while Electronic Money Transfer Levy (EMTL) and Companies Income Tax (CIT) decreased.
In his opening remarks at the meeting, Wale Edun highlighted the government’s efforts to raise forex trading and its intervention program aimed at providing direct payment to the poorest and most vulnerable Nigerians. He also commended the revenue-generating agencies for their hard work in increasing revenue.
The total distributable amount for February 2024, including statutory revenue, VAT, EMTL, and exchange difference, amounted to N1.152 trillion. The Excess Crude Account (ECA) balance as of March 2024 was reported to be $473,754.57.
