Nigeria’s Federation Account Allocation Committee (FAAC) disbursed N1.57 trillion ($1.04 billion) to federal, state, and local governments in March, a 6% decrease from the N1.67 trillion allocated in February, the Finance Ministry said on Tuesday.
The allocation came from a gross revenue of N2.411 trillion, up from N2.34 trillion the previous month.
In a statement following the April FAAC meeting, Finance Minister Wale Edun said the distribution included statutory revenues, value-added tax (VAT), electronic money transfer levy (EMTL), and foreign exchange gains.
The federal government received N528.69 billion, states N530.44 billion, and local councils N387 billion. Oil-producing states were allocated N132.61 billion as derivation revenue.
Collections and refunds accounted for N832.55 billion, including N85.37 billion for cost of collection and N747.18 billion in transfers and interventions.
VAT revenue for March stood at N637.61 billion, a 2.57% decline from February.
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After deductions, N593.75 billion was distributed: N89.06 billion to the federal government, N296.87 billion to states, and N207.81 billion to local councils.
Meanwhile, gross statutory revenue rose to N1.718 trillion, up 3.9% month-on-month. Of this, N931.33 billion was shared among the three tiers of government, with the federal government receiving N422.49 billion, states N214.29 billion, and local councils N165.21 billion.
EMTL contributions totaled N26.01 billion, while N28.71 billion in exchange rate gains was also shared.
The ministry noted increases in petroleum profit tax (PPT) and companies income tax (CIT), while revenue from VAT, EMTL, royalties, and import duties declined.