In a disclosure that sheds light on the nation’s financial landscape, the latest Federation Account Allocation Committee (FAAC) meeting has unveiled the distribution of a staggering N1.123 trillion among the Federal Government, States, and Local Government Councils (LGCs) for the month of March 2024.
Chaired by the esteemed Accountant General of the Federation, Mrs. Oluwatoyin S. Madein, the FAAC meeting held in February 2024 provided crucial insights into the allocation breakdown, reflecting a meticulous disbursement strategy to ensure equitable distribution among the tiers of government.
According to the disclosed figures, the Federal Government received a substantial sum of N345.890 billion, while the States and Local Government Councils secured N398.689 billion and N288.688 billion, respectively. Additionally, oil-producing states were allocated N90.124 billion as Derivation, constituting 13% of Mineral Revenue.
The allocation didn’t stop there. The meeting also earmarked N69.537 billion for the cost of collection, demonstrating a commitment to efficient revenue administration. Moreover, a significant portion of N674.880 billion was allocated for Transfers Intervention and Refunds, aimed at addressing various developmental needs across the nation.
Amidst the allocation breakdown, the meeting highlighted notable trends in revenue streams. Value Added Tax (VAT) witnessed a remarkable surge, totaling N549.698 billion for March 2024, representing a substantial increase from the previous month. Conversely, Gross Statutory Revenue experienced a slight decline, standing at N1.017 trillion, signaling fluctuations in economic dynamics.
Furthermore, the meeting revealed intriguing observations regarding revenue sources. While VAT, Import Duty, Gas Royalty, and Companies Income Tax (CIT) displayed commendable growth, certain sectors such as Excise Duty, Oil Royalty, Petroleum Profit Tax (PPT), Customs External Tariff levies (CET), and Electronic Money Transfer Levy (EMTL) witnessed downturns.
The comprehensive breakdown of allocations underscores the intricate nature of fiscal governance, emphasizing transparency and accountability in resource management. The FAAC meeting’s meticulous approach ensures that financial resources are channeled effectively to drive sustainable development and address pressing needs across various sectors.
As the nation grapples with economic challenges and strives for inclusive growth, the FAAC meeting stands as a beacon of financial stewardship, providing crucial insights into the allocation dynamics that shape the country’s fiscal landscape. With a commitment to transparency and efficiency, the allocation breakdown serves as a testament to the government’s dedication to equitable resource distribution and socioeconomic progress.