FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

February 23, 2024
faac allocation

By Aduragbemi Omiyale

About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024.

The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion.

A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday chaired by the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, said the total deductions for cost of collection was N78.412 billion, while the total transfers, interventions and refunds was N639.926 billion, and the savings stood at N200.000 billion.

It was revealed that last month, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL, and CET Levies decreased considerably.

FAAC also said from the N1.148 trillion total distributable revenue, it gave N407.267 billion to the federal government, N379.407 billion to the state governments, and N278.041 billion to the local councils.

From the N463.079 billion distributable statutory revenue, the federal government received N216.757 billion, the state governments got N109.942 billion, and the councils received N84.761 billion, while N51.619 billion was shared to the benefiting states as 13 per cent derivation revenue.

In addition, from the N391.787 billion distributable VAT revenue, the central government got N58.768 billion, the state governments were given N195.894 billion, and the local government councils received N137.125 billion.

Further, from the N15.922 billion EMTL, the national government was given N2.388 billion, the state governments got N7.961 billion, and the councils received N5.573 billion, while from the N279.028 billion exchange difference earnings, the federal government got N129.354 billion, the state government had N65.610 billion, and the councils were given N50.582 billion, with N33.482 billion shared to the benefiting states as derivation revenue.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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