FAAC: Allocation Decreases as FG, States, and LGs Split N715 billion.

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According to the Federal Account Allocation Committee, in March 2023, N714.63 billion was distributed across the three levels of government.

The sum reflects a N8.05 billion drop from the N722.68 billion shared in February 2023.

The total comprises electronic money transfer fees, value added tax, and gross statutory revenue.

The oil-producing states received a derivation payment of N35.1 billion, while the federal government received N276. 14 billion, the states N232.13 billion, and local government councils N171.26 billion.

The gross revenue from the value added tax for the month of March 2023 was N218.79 billion; N8.71 billion went toward collection costs, and the remaining N218. 79 billion was split among the federal government, states, and local government councils.

Breakdown displayed “The “The remaining sum of N202.693bn was distributed to the three tiers of government of which the Federal Government got N30. 404bn, the States received N101.347bn, Local Government Councils got N70.943bn.

Punch.

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